Hennessee Hedge Fund Index

Hennessee Hedge Fund Index Rose 6.75% in October 2010

Continuing with the monthly data updates, hedge funds gained 1.95% last month. According to the Hennessee Hedge Fund Index, all but one of the strategy indices rose for the second month in a row. The index is up 6.75% so far this year.

Private investments in public equities and private financing funds led the way in October, rising 3.71% on the month (7.61% year-to-date). Financial equities and international funds also enjoyed strong returns, adding 3.48% (5.51% YTD) and 3.37% (9.24% YTD), respectively.

"The financial markets continued to rally as the companies reported solid earnings and the Fed announced an additional round of quantitative easing. Hedge funds posted strong positive performance, but lagged traditional benchmarks due to conservative exposure levels and losses from hedges,” Hennessee co-founder Charles Gradante said. “Arbitrage, event-driven and credit strategies continue to drive gains, outperforming long/short equity strategies for the month and year-to-date."

All three of Hennessee's major hedge fund strategy meta-indices posted big gains on the month, led by global macro funds at 2.4% (6.87% YTD). Arbitrage and event-driven funds were up 1.97% (9.33% YTD) and long/short equity funds 1.72% (5.36% YTD). Source

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