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Hennessee Hedge Fund Index gained +0.80% in December (+9.68% YTD)

Friday, January 26, 2018
Opalesque Industry Update - Hennessee Group LLC announced that the Hennessee Hedge Fund Index gained +0.80% for the month (+9.68% YTD), while the S&P 500 rose +0.98% (+19.51% YTD), the Dow Jones Industrial Average increased +2.44% (+25.57% YTD), and the NASDAQ Composite Index rose +0.43% (+28.29% YTD). Bonds were positive this month, as the Barclays Aggregate Bond Index increased +0.46%, (+3.55% YTD).

The top three strategies for the month were Emerging Market (+3.06%), Latin America (+2.35%) and Healthcare & Biotech (+2.32%). While, the bottom three strategies for the month were Growth (-0.98%), Short Biased (-0.47%) and Convertible Arbitrage (-0.31%). For the year, Asia-Pacific (+28.87%) leads all strategies while Short Biased (-14.66%) brings up the rear.

Equity long/short hedge funds were positive for the month, as the Hennessee Long/Short Equity Index rose +0.64% (+10.97% YTD). The best performing sectors were Telecommunication Services (+5.77%), Energy (+4.74%) and Consumer Discretionary (+2.28%). While underperforming sectors were Utilities (-6.36%), Healthcare (-0.76%) and Information Technology (-0.03%).

The Hennessee Arbitrage/Event Driven Index increased +0.50% for the month (+4.72% YTD). The Barclays Aggregate Bond Index increased +0.46% for the month (+3.55% YTD) as interest rates demonstrated a rise for the month. The Merrill Lynch High Yield Master II Index increased +0.55% for the month, and high yield spreads increased 2 basis points to end the month 363 basis points over treasuries. The Hennessee Distressed Index was positive for the month by +1.07% (+7.75% YTD).

The Hennessee Merger Arbitrage Index rose +0.72% for the month (+3.68% YTD). The MSCI ACWI Index gained +1.50% (+21.62% YTD) and the MSCI EAFE Index rose +1.52% (+21.78% YTD). The Hennessee International Index rose +0.37% for the month (+7.65% YTD). The MSCI Emerging Market Index rose 3.36% (+34.35% YTD), while hedge fund managers outperformed the index, as the Hennessee Emerging Market Index increased +3.06% (+20.97% YTD).

The Hennessee Global/Macro Index increased +1.42% for the month (+12.83% YTD). The Hennessee Macro Index increased +1.04% for the month (+1.06% YTD). Fixed income managers were positive for the month with the 10-Year U.S. Treasury ending the month at 2.40%, down 2 basis point from 2.42% in the previous month. WTI oil rose by +5.3% in December while natural gas decreased by -9.4%.

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