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Hedge funds decline -0.55% in August (+1.32% YTD) - Hennessee Hedge Fund Index

Wednesday, September 08, 2010
Opalesque Industry Update - Hennessee Group LLC, an adviser to hedge fund investors, announced today that the Hennessee Hedge Fund Index declined -0.55% in August (+1.32% YTD), while the S&P 500 decreased -4.74% (-5.90% YTD), the Dow Jones Industrial Average fell -4.31% (-3.96% YTD), and the NASDAQ Composite Index declined -6.24% (-6.84% YTD). Bonds advanced, as the Barclays Aggregate Bond Index increased +1.29% (+7.83% YTD).

“Hedge funds started the month with reduced net and gross exposure levels, which allowed them to protect capital while generating ‘alpha’ in August, as the equity markets declined. Managers remain cautious given the global economic uncertainty, though the consensus is that we will likely avoid a ‘double-dip’ recession,” commented Charles Gradante, Co-Founder of Hennessee Group. “It was also encouraging to see that 43% of hedge funds reporting were able to generate positive performance in August as markets started to respond more to fundamentals.”

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