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Opalesque Industry Update - Hennessee Group LLC announced that the Hennessee Hedge Fund Index gained +0.46% for the month (+3.76% YTD), while the S&P 500 rose +0.91% (+6.49% YTD), the Dow Jones Industrial Average increased +1.34% (+5.96% YTD), and the NASDAQ Composite Index moved higher by +2.30% (+12.34% YTD). Bonds were positive on the month, as the Barclays Aggregate Bond Index rose +0.77%, (+1.60% YTD). The top three strategies for the month were High Yield (+3.38%), Emerging Markets (+2.21%) and Short Biased (+2.04%). The bottom three strategies for the month were Macro (-1.39%), Opportunistic (-1.08%) and Multiple Arbitrage (-0.62%). For the year, Asia-Pacific (+12.87%) leads all strategies while Short Biased (-8.00%) brings up the rear. Equity long/short hedge funds were positive for the month, as the Hennessee Long/Short Equity Index rose +0.60% (+3.81% YTD). The best performing sectors were information technology (+2.44%), consumer discretionary (+2.36%), and industrials (+1.70%), while underperforming sectors were telecommunication services (-4.38%), energy (-2.93%) and financials (-0.97%). The Hennessee Arbitrage/Event Driven Index increased +0.42% for the month (+2.20% YTD). The Barclays Aggregate Bond Index increased +0.77% (+1.60% YTD) as interest rates continued to remain relatively flat for the month. The Merrill Lynch High Yield Master II Index declined -2.81% for the month, while high yield spreads decreased 11 basis points to end the month 381 basis points over treasuries. The Hennessee Distressed Index was positive for the month by +0.58% (+2.50% YTD). |
Industry Updates
Hedge funds gained +0.46% in April (+3.76% YTD)
Tuesday, May 16, 2017
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