Hennessee Group, an adviser to hedge fund investors, has announced that the Hennessee Hedge Fund Index declined -2.69% in November or -18.44% year to date.
Hennessee Group, an adviser to hedge fund investors, has announced that the Hennessee Hedge Fund Index declined -2.69% in November or -18.44% year to date.
The S&P 500 declined -7.48% (-38.97% YTD), the Dow Jones Industrial Average declined -5.32% (-33.44% YTD), and the Nasdaq Composite Index declined -10.77% (-42.09% YTD).
Meanwhile, the Lehman Aggregate Bond Index increased +3.30% (+1.50% YTD).
Lee Hennessee, managing principal of Hennessee Group, says: ‘While the Hennessee Hedge Fund Index is down -18.44% this year, it has significantly outperformed equity benchmarks on a relative basis. While not an attractive absolute return, many investors are thankful to have hedge fund allocations this year, especially when compared to traditional asset classes.’
2008 has seen dramatically more hedge funds freeze redemptions or enact redemption gates and force liquidate.
The group expects year-end investors’ redemptions to be significant, with the average fund returning 15 to 25 per cent of investors’ assets.
