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Hennessee Group: Hedge funds gain +0.48% in August (+3.60% YTD)

Tuesday, September 18, 2018
Opalesque Industry Update - Hennessee Group LLC announced today that the Hennessee Hedge Fund Index increased +0.48% for the month (+3.60% YTD), while the S&P 500 was up +3.03% (+8.74% YTD), the Dow Jones Industrial Average increased +2.16% (+4.44% YTD), and the NASDAQ Composite Index gained +5.70% (+17.67% YTD). Bonds were positive for the month, as the Barclays Aggregate Bond Index increased by +0.62%, (-0.99% YTD).

The top three strategies for the month were Short Biased (+12.02%), Emerging Markets (+5.70%) and Technology (+2.95%). While, the bottom three strategies for the month were Distressed (-7.46%), Latin America (-4.05%) and Event Driven (-1.29%). For the year, Short Biased (30.70%) leads all strategies while Distressed (-17.71%) brings up the rear.

Equity long/short hedge funds were positive for the month, as the Hennessee Long/Short Equity Index rose +1.67% (+6.53% YTD). The better performing sectors were Information Technology (+7.57%), Consumer Discretionary (+5.61%) and Healthcare (+4.49%). While underperforming sectors were Energy (-4.04%), Materials (-0.74%) and Industrials (-0.01%).

The Hennessee Arbitrage/Event Driven Index decreased -0.66% for the month (+0.91% YTD). The Barclays Aggregate Bond Index increased +0.62% for the month (-0.99% YTD) as interest rates fell for the month. The Merrill Lynch High Yield Master II Index increased +0.87% for the month, and high yield spreads increased 3 basis points to end the month 349 basis points over treasuries. The Hennessee Distressed Index was negative for the month by -7.46% (-17.71% YTD).

The Hennessee Merger Arbitrage Index decreased -1.11% for the month (+2.25% YTD). The MSCI ACWI Index increased +0.70% (+0.45% YTD) and the MSCI EAFE Index decreased -2.19% (-4.32% YTD). The Hennessee International Index increased +0.39% for the month (+1.26% YTD). The MSCI Emerging Market Index increased -3.77% for the month (-8.38% YTD), while hedge fund managers outperformed the index, as the Hennessee Emerging Market Index increased +5.70% for the month (+9.26% YTD).

The Hennessee Global/Macro Index decreased -0.14% for the month (+1.75% YTD). The Hennessee Macro Index increased +0.20% for the month (+1.59% YTD). Fixed income managers were positive for the month with the 10-Year U.S. Treasury ending the month at +2.86%, down 10 basis point from +2.96% in the previous month. WTI oil decreased by -0.05% in August while natural gas increased by +5.67%.

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