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Hedge funds advance +1.90% in July (+1.87% YTD) - Hennessee Hedge Fund Index

Friday, August 06, 2010
Opalesque Industry Update – Hennessee Group LLC, an adviser to hedge fund investors, announced today that the Hennessee Hedge Fund Index advanced +1.90% in July (+1.87% YTD), while the S&P 500 increased +6.88% (-1.21% YTD), the Dow Jones Industrial Average climbed +7.08% (+0.36%), and the NASDAQ Composite Index advanced +6.90% (-0.64% YTD). Bonds advanced, as the Barclays Aggregate Bond Index increased +1.07% (+6.46% YTD).

“Hedge fund managers lagged the broader markets due to defensive portfolio positioning. Managers began July with lower than average exposures after significantly reducing gross and net exposure levels during May and June. As a result, hedge funds lagged as equity markets rose sharply,” commented Charles Gradante, Co-Founder of Hennessee Group. “On a positive note, we are encouraged to see that performance was partially driven by stock selection, rather than only directional market exposure. Stocks started to respond more to fundamentals as quarterly earnings were reported, a constructive development for hedge funds.”

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