Hennessee: Hedge Funds Up 1.79% In May

Jun 12 2013 | 9:53am ET

Hedge funds enjoyed gains last month, although they once again failed to match or exceed the performance of the broader markets.

The Hennessee Hedge Fund Index rose 1.79% in May, compared to a 2.08% jump for the Standard & Poor's 500 Index. Equity long/short funds, notably those focused on financials, industrials and technology, did well, rising an average of 2.71%.

"At month end, managers saw significant increases in volatility, a significant drop in the dollar, especially against the Japanese yen," the Hennessee Group's Charles Gradante told Dow Jones Newswires.

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