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Hedge Fund Hennessee Index

Hedge Fund Hennessee Index

Hedge Fund Index Trails S&P 500 in February 2011

Hedge fund returns trailed equities in February, according to a hedge fund index. The Hennessee Group hedge fund index returned 1.39% last month, while the S&P 500 went up 3.2%. The Hennessee Group index is up 2.08% so far this year.
An index compiled by Hedge Fund Research rose 1.21% last month.

The Standard & Poor’s 500 index advanced 3.2% in February, leaving it up 5.53% so far in 2011. The Barclays Aggregate Bond Index gained 0.25% last month, while the Barclays High Yield Credit Bond Index advanced 1.31%, leaving it up 3.55% year to date.

“Managers benefited from modest net long exposure, but overweight exposure to cyclicals, shorts and hedges detracted from performance,” Charles Gradante, co-founder of Hennessee Group, said in a statement. “Managers remain constructive on the equity markets, but are closely monitoring oil markets.”

For the second consecutive month, event-driven hedge funds contributed most to gains by HFR’s index, returning 1.45% in February. These types of funds trade around corporate events such as spinoffs, bankruptcies, mergers and acquisitions. Source

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