The Hennessee Hedge Fund Index advanced 0.2 per cent in November and is up 7.0 per cent year-to-date.
The S&P 500 declined 0.2 per cent (+5.9 per cent YTD), the Dow Jones Industrial Average declined 1.0 per cent (+5.5 per cent YTD), and the Nasdaq Composite Index decreased 0.4 per cent (+10.1 per cent YTD).
Bonds also fell, as the Barclays Aggregate Bond Index declined 0.6 per cent (+7.7 per cent YTD).
“Hedge funds were slightly positive while traditional markets declined amid renewed European debt fears,” says Charles Gradante, co-founder of Hennessee Group. “In general, hedge fund managers feel frustrated with their performance as they have not been able to capitalize on moves within what has been a range bound market. Many managers have commented that the 2010year is shaping up to be a macro event-driven market, leaving few opportunities to profit on fundamentals.”
