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Industry Updates

Hedge funds gained +1.41% in July to now +5.91% YTD

Monday, August 21, 2017
Opalesque Industry Update - Hennessee Group LLC announced today that the Hennessee Hedge Fund Index gained +1.41% for the month (+5.91% YTD), while the S&P 500 rose +1.93% (+10.34% YTD), the Dow Jones Industrial Average increased +2.26% (+10.47% YTD), and the NASDAQ Composite Index rose +3.38% (+17.93% YTD). Bonds were positive on the month, as the Barclays Aggregate Bond Index rose +0.43%, (+2.72% YTD).

The top three strategies for the month were Latin America (+8.13%), Asia-Pacific (+3.50%) and Technology (+2.93%). While, the bottom three strategies for the month were Short Biased (-1.12%), Macro (+0.01%) and Fixed Income (+0.31%). For the year, Asia-Pacific (+20.54%) leads all strategies while Short Biased (-12.17%) brings up the rear.

Equity long/short hedge funds were positive for the month, as the Hennessee Long/Short Equity Index rose +1.38% (+6.52% YTD). The best performing sectors were telecommunications (+5.07%), information technology (+4.27%) and energy (+2.44%), while underperforming sectors were industrials (0.01%), consumer staples (0.39%) and health care (0.67%).

The Hennessee Arbitrage/Event Driven Index increased +0.69% for the month (+3.35% YTD). The Barclays Aggregate Bond Index decreased -0.10% (+2.17% YTD) as interest rates continued to remain relatively flat for the month. The Merrill Lynch High Yield Master II Index declined -4.24% for the month, while high yield spreads decreased 16 basis points to end the month 361 basis points over treasuries. The Hennessee Distressed Index was positive for the month by +0.86% (+3.55% YTD).

The Hennessee Merger Arbitrage Index gained +0.34% for the month (+3.08% YTD). The MSCI ACWI Index gained +2.69% (+13.21% YTD) and the MSCI EAFE Index gained +2.85% (+15.02% YTD). The Hennessee International Index rose +1.79% for the month (+2.45% YTD). The MSCI Emerging Market Index rose +5.48% (+23.65% YTD), while hedge fund managers outperformed the index, as the Hennessee Emerging Market Index increased +1.84% (+12.64% YTD).

The Hennessee Global/Macro Index increased +2.02% for the month (+7.22% YTD). The Hennessee Macro Index increased +0.01% for the month (-2.99% YTD). Fixed income managers were negative for the month with the 10-Year U.S. Treasury ending the month at 2.30%, down 1 basis point from 2.31% in the previous month. WTI oil rose +9.10% in July while natural gas declined -3.69%.

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