Wednesday, 20 August 2014
Last updated 9 min ago
Aug 9 2007 | 1:16pm ET
A pair of hedge fund indices show a slightly positive return for July, with individual strategy subindices being quite a mixed bag.
HedgeFund.net’s HFN Hedge Fund Aggregate Index rose 0.29% last month, and the Hennessee Hedge Fund Index 0.33%, bucking the sinking equities market and the sub-prime minefield. The Standard & Poor’s 500 fell 3.13% and is up just 3.33% year-to-date, compared to 8.96% for the Hennessee index and 7.65% for HFN.
“Thus far, it has been a good year for hedge funds as a whole, despite the collapse of several funds focused on fixed-income,” the Hennessee Group’s E. Lee Hennessee said. “The increase in equity market volatility has been welcomed by short sellers, who have had a tough time over the past four years.”
Short-biased, macro and non-U.S. funds were the place to be in July: Hennessee’s Short-Biased Index was the strongest on the month, rising 3.51% (0.87% YTD). The other three indices above 3% in July all covered hedge funds investing on farther shores: Asia-Pacific was up 3.19% (14.81% YTD), emerging markets 3.03% (11.31% YTD) and Latin America 3.01% (20.66% YTD, tops among the Hennessee indices). For its part, HFN has Asia up 2.23% (12.48% YTD), Latin America 2.49% (19.81% YTD) and Europe up 0.18% (7.91% YTD, though Hennessee’s Europe Index fell 1.06% on the month to 11.31% YTD).
Big losers included healthcare and biotech (Hennessee: down 2.82% in July, up 6.27% YTD), distressed (Hennessee: down 0.8%, up 8.89% YTD; HFN: down 2.21%, up 5.74% YTD) and CTA/managed futures (HFN: down 1.42%, up 3.11% YTD).
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note