The results are still coming in, but it looks as though July was a good month for alternatives managers running Asian single-country funds.

The best-performing managers for July were the Asian Small Cap Fund with 13.6%, Tiburon Taipan Fund with 12.05% and Marco Polo Pure China Fund with 11.7%, according to Singapore-based research firm Eurekahedge.

For year-to-date returns, Ton Poh Emerging Thailand Fund leads with 32%, followed by NT Asian Discovery Fund (an Asia ex-Japan fund run out of Bangkok) with 31% and Indonesian Growth Fund with 21%.

Both Indonesian and Thai markets are up 22% this year. China is not doing so well, of course, but that market received a shot in the arm in July when it jumped by around 10%.

Reigning AsianInvestor Best Asia-Pacific Hedge Fund CAI Global Fund is around 19% up for the year so far.

For annualised returns, the Prudence Enhanced Income Fund leads with 72.28%, followed by Phalanx Japan-Australasia Multi-Strategy Fund with 56% and Akito Japan with 45.34%

Hedge Fund Research’s HFRX Global Hedge Fund Index gained 1.23% for July, reversing two consecutive months of declines and bringing the index to a gain of 0.02% for 2010. Equity-hedge strategies made the biggest contribution to July performance, with the HFRX Equity Hedge Index gaining 2.28%.

The HFRX Relative Value Index continued its positive performance with a gain of 1.54% in July, bringing YTD performance to 2.85%.  The HFRX Event Driven Index posted a gain of 0.90% for the month, pushing YTD performance into the black at +0.16%.