Charles Gradante Opalesque Industry Update - Hennessee Group LLC, an adviser to direct hedge fund investors, announced today that the Hennessee Hedge Fund Index advanced +0.30% in March (+2.50% YTD), while the S&P 500 declined -0.10% (+5.43% YTD), the Dow Jones Industrial Average increased +0.76% (+6.41% YTD), and the NASDAQ Composite Index fell -0.04% (+4.83% YTD). Bonds advanced, as the Barclays Aggregate Bond Index increased +0.06% (+0.43% YTD) and the Barclays High Yield Credit Bond Index advanced +0.32% (+3.88% YTD).
“March was challenging as markets initially sold off sharply on escalating conflicts in the Middle East and tragic events in Japan. However, markets were able to rally back during the last couple weeks to finish the month roughly unchanged,” commented Charles Gradante, Co-Founder of Hennessee Group. “Many hedge funds were ‘whipsawed’ as they became more defensive mid-month as risks increased, which resulted in less participation during the late month rebound.”
kb The full performance press release will be distributed Monday, April 11.