JWH Gets Mixed Signals

Mar 1 2007 | 11:43am ET

After ending 2006 on a down note, John W. Henry & Co.’s 2007 has begun on a somewhat dissonant one. The firm’s Worldwide Bond Program and G-7 Currency Portfolio have returned 3.62% and 2.89% year-to-date, respectively, while its Dollar Program and Global Diversified Portfolio were not so lucky, falling 4.95% and 2.89%, respectively.

JWH President and Chief Operating Officer Kenneth Webster, in his monthly investor letter, attributed the difficult trading environment to “trend reversals in the currency and energy sectors.”

“The firm’s disciplined systematic investment style is not conducive to short-term market-moving events that cause spikes in volatility resulting in strong reversals,” he wrote.

“Conflicting information on the U.S. economy, coupled with uncertainty about the reaction of the Federal Reserve Board and other central banks to current economic data, continued to leave currency markets susceptible to sudden changes in market sentiment,” he added. “Seven of the firm’s 12 programs were negative as large allocations to the currency sector hurt performance in JWH’s broadly diversified, foreign exchange and multiple style programs.”

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