John W Henry & Co. Gains On Dollar Decline

Dec 11 2006 | 12:34pm ET

Boca Raton-based John W Henry & Co. generated positive performance across its suite of programs in November primarily on the basis of the U.S. dollar declining to a 20-month low against the euro. The firm’s Dollar Program led the way with a gain of an estimated 10.8%, but it still shows a year-to-date loss of 27.1%

“The dollar broke out of its six-month trading range on growing expectations that a slowdown in the U.S. economy will make dollar denominated assets less attractive to investors,” wrote Mark Rzepczynski, chief investment officer, in his monthly investor letter.

“While there has been a consensus this year that the U.S. economy would slowdown, the economic data supporting a strong U.S. decline over the last six months was mixed. This mixed information has been coupled with a Federal Reserve forecast of moderate growth and continued fears about inflation…Economic growth in other countries followed a similar pattern…Growing negative U.S. news along with positive growth expectations for Europe generated a change in expectations for the dollar market which resulted in the dollar declining 3.7% against the euro and 1% on a trade weighted basis in November.”

JWH’s financial programs performance were helped by trading profits in the U.S. bond market and its Broadly Diversified programs also saw positive returns in the agricultural sector due to the continued strong move in the corn market, according to the firm. Its flagship Strategic Allocation program posted an estimated return of 6.3% for the month but is down 6.3% year-to-date through November.

As of the end of November, JWH assets under management total around $2 billion.

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