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Hennessee: Hedge funds generate gains (index +1.3% in April, +3.80% YTD) as equity market rally continues

Friday, May 06, 2011
Opalesque Industry Update – Hennessee Group LLC, an adviser to direct hedge fund investors, announced today that the Hennessee Hedge Fund Index advanced +1.3% in April (+3.80% YTD), while the S&P 500 advanced +2.9% (+8.4% YTD), the Dow Jones Industrial Average increased +3.98% (+10.65% YTD), and the NASDAQ Composite Index gained +3.32% (+8.32% YTD). Bonds advanced, as the Barclays Aggregate Bond Index increased +1.27% (+1.71% YTD) and the Barclays High Yield Credit Bond Index advanced +1.55% (+5.49% YTD).

“Hedge funds are underperforming for the year as the investment environment remains challenging for alpha generation. While managers generated gains in long portfolios as equity markets continued to rally, shorting remains challenging for hedge fund managers, detracting from performance,” commented Charles Gradante, Co-Founder of Hennessee Group.

“Gold, silver and oil were strong performers in April. While silver and gold experienced a correction over the last few days, most managers believe silver and gold will continue to increase until there is evidence of a rise in interest rates, which would strengthen the dollar.”

The full performance press release will be distributed Monday, May 9.

(press release)

Hennessee Group LLC is a Registered Investment Adviser that consults direct investors in hedge funds on asset allocation, manager selection, and ongoing monitoring of hedge fund managers. Hennessee Group LLC is not a tracker of hedge funds.


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