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Hedge funds advance in July
09 August 2010
Hedge Funds underperform in broad-based market rally
Hennessee Group LLC, an adviser to hedge fund investors, announced today that the Hennessee Hedge Fund Index advanced +1.91% in July (+1.86% YTD), while the S&P 500 increased +6.88% (-1.21% YTD), the Dow Jones Industrial Average climbed +7.08% (+0.36%), and the NASDAQ Composite Index advanced +6.90% (-0.64% YTD). Bonds advanced, as the Barclays Aggregate Bond Index increased +1.07% (+6.46% YTD).
“Hedge fund managers lagged the broader markets due to defensive portfolio positioning. Managers began July with lower than average exposures after significantly reducing gross and net exposure levels during May and June. As a result, hedge funds lagged as equity markets rose sharply,” said Lee Hennessee, Managing Principal of Hennessee Group. “On a positive note, we are encouraged to see that performance was partially driven by stock selection, rather than only directional market exposure. Stocks started to...
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