CMA Global Hedge, one of the largest London Stock Exchange-listed hedge funds, lost almost 7% of its value in the first half of 2008, nearly three times the 2.5% average loss across the fund of hedge funds sector.

Chris Fish, chairman of the $480m London-listed fund of hedge funds managed by hedge fund manager CMA Global Advisors, said the 6.9% fall in value of the portfolio's investments in the first half of this year still left the fund up 12.2% since its inception in in July 2006.