Sunday, 29 March 2015
Last updated 1 day ago
Jul 12 2011 | 11:23am ET
Hedge funds lost 1.2% last month amidst remarkably broad-based declines for the industry, the Hennessee Group said yesterday.
The Hennessee Hedge Fund Index closed out the first half with its only two losing months of the year, cutting its 2011 return to 1.45%. Last month, 20 of the 23 strategies tracked by Hennessee lost ground, with only two making gains.
“Hedge funds experienced another difficult month in June. Hedge funds were ‘whipsawed’ as markets sold off sharply before dramatically reversing course with a strong five day rally into quarter end,” Lee Hennessee, managing principal of Hennessee, said. “As the markets fell, hedge funds reduced exposures in order to limit losses and protect capital. When the markets rebounded, hedge funds failed to fully participate in the rally.”
European hedge funds were battered by the ongoing sovereign debt crisis, losing 2.56% on the month (down 1.8% year-to-date). Financial equities and growth funds fared little better, each losing 2.31% in June (up 0.1% and 1.97% YTD, respectively).
Other notable losers included event-driven (down 1.84% in June, up 2.81% YTD), macro (down 1.46%, down 2.98% YTD), distressed (down 1.21%, up 4.41% YTD), emerging markets (down 1.17%, down 0.2% YTD), merger arbitrage (down 0.72%, up 2.64% YTD), convertible arbitrage (down 0.17%, up 2.94% YTD) and market neutral (down 0.05%, up 4.77% YTD) funds.
The only winners were short-biased funds, which took advantage of declining stock markets to add 1.68% on the month (down 4.53% YTD), and technology funds (up 0.36% in June, 5.64% YTD). Greenwich did not report a June figure for its private investments in public equities and private financing index, which is down 7.16% through May.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…