Indices Say Hedge Funds Weather Jittery July

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).


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR