Friday, 9 October 2015
Last updated 5 hours ago
Sep 13 2013 | 8:56am ET
The Hennessee Hedge Fund Index lost 0.50% in August, putting its year-to-date gains at 6.45%.
Equity long/short were down 0.55% (up 10.56% YTD), arbitrage/event-driven funds were down 0.20% (up 5.54% YTD), global/macro funds were down 0.64% (up 1.50% YTD) and fixed-income funds were down 0.20% on the month (up 2.63% YTD).
The bright spots, strategy-wise, were short-biased funds, up 1.86%; convertible arbitrage, up 1.42% in August; technology funds, up 0.94%; healthcare and biotech, up 0.40%; high-yield funds, up 0.05%; and opportunistic funds, up 0.04%.
In regional terms, Asia-Pacific funds were down 1.29% on the month (up 0.84% YTD), Latin American funds were down 1.24% on the month (down 5.31% YTD) and Europe funds were down 0.96% (but still up 8.64% YTD).
“In one of the most volatile months since May of 2012, hedge funds did what they do best, capital preservation,” said Charles Gradante, co-founder of Hennessee Group, in a statement. “Several factors, such as whispers that the Fed may taper its monthly bond purchases, the continued steepening of the yield curve, and possible U.S. involvement in the Middle East, led to a rout in equities during August. Nonetheless, hedge funds trail equities as ‘don’t fight the Fed’, rather than valuation, rules this market.”
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…