Hennessee: Hedge Funds Inch Up

Jul 10 2012 | 12:37pm ET

Hedge funds managed a small gain last month but missed out on June's month-end rally, a major industry index shows.

The Hennessee Hedge Fund Index returned 0.06% last month. But that paled in comparison to the nearly 4% surge enjoyed by the Standard & Poor's 500 Index.

"Hedge funds lagged in June as traditional benchmarks posted strong positive performance," Hennessee Group's Lee Hennessee said. "The majority of gains came at the end of the month as investor sentiment improved on the hope for stability in Europe. Hedge funds did not participate in the rally due to conservative exposures and suffered losses due to short covering."

According to Hennessee, long/short funds gained 0.63% on the month. Arbitrage and event-driven funds lost 0.28%.

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