Second-quarter results for the major U.S. stock indexes varied between -5.84% for the Amex and -13.13% for NYSE. Most of the largest U.S. funds were in negative territory as well, according to Lipper data as of June 30, 2010, after a decent first quarter.

By investment category, some of the only positive groups were dedicated short-bias funds, which rose 9.92% in the quarter. Precious-metal funds improved 9.73%, Lipper says.

Among the top individual funds with positive performance, the Z-Seven Fund stands out: It topped the global small- and mid-cap category with returns of 50.39% in the first quarter and 26.56% in the first half of 2010.

This performance was similar to that of iPath ETN S&P 500 VIX – up 49.10% in the second quarter.

PIMCO Total Return bucked the second-quarter trend, too. The fund’s institutional shares were up 2.75%, while its Class A shares rose 2.69. Through June 30, its shares have risen 5.83% and 5.70% respectively.

The PIMCO Real Income 2020 also performed well and was up 4.80% from March 1 to June 30.

The Comstock Cap Value Value ticked up 13.88% in the period, and the SteelPath MLP Alpha I increased 2.24%.

Other winners are the Hussman Strategic Growth, up 5.57% and the Hussman Strategic Total Return, which increased 3.79 percent in the past three months.

Some Asia funds had good results, such as Matthews Asia Dividend, up 4.82%, and the Hennessy Select SPARX Japan Small Companies, which has improved 6.8% in the first half of 2010.