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Opalesque Industry Update - Hennessee Group LLC announced today that the Hennessee Hedge Fund Index increased +0.11% for the month (+3.71% YTD), while the S&P 500 was up +0.43% (+9.21% YTD), the Dow Jones Industrial Average increased +1.90% (+6.43% YTD), and the NASDAQ Composite Index lost -0.78% (+16.76% YTD). Bonds were negative for the month, as the Barclays Aggregate Bond Index decreased by -0.64% (-1.62% YTD). The top three strategies for the month were Macro (+2.67%), Latin America (+1.28%) and High Yield (+1.00%). While, the bottom three strategies for the month were Asia Pacific (-1.90%), Europe (-0.90%) and Technology (-0.86%). For the year, Short Biased (29.67%) leads all strategies while Distressed (-18.18%) brings up the rear. Equity long/short hedge funds were negative for the month, as the Hennessee Long/Short Equity Index declined -0.43% (+6.07% YTD). The better performing sectors were Telecommunication (+3.95%), Healthcare (+3.14%) and Energy (+2.50%). While underperforming sectors were Financial (-2.40%), Materials (-2.23%) and Utilities (-0.90%). The Hennessee Arbitrage/Event Driven Index increased +0.28% for the month (+1.19% YTD). The Barclays Aggregate Bond Index decreased -0.64% for the month (-1.62% YTD) as interest rates increased for the month. The Merrill Lynch High Yield Master II Index decreased -6.02% for the month, and high yield spreads decreased 21 basis points to end the month 328 basis points over treasuries. The Hennessee Distressed Index was negative for the month by -0.56% (-18.18% YTD). The Hennessee Merger Arbitrage Index increased +0.67% for the month (+2.93% YTD). The MSCI ACWI Index increased +0.39% (+4.08% YTD) and the MSCI EAFE Index increased +0.47% (-3.88% YTD). The Hennessee International Index decreased -0.83% for the month (+0.41% YTD). The MSCI Emerging Market Index decreased -0.87% for the month (-9.36% YTD), while hedge fund managers outperformed the index, as the Hennessee Emerging Market Index increased +0.40% for the month (+9.70% YTD). The Hennessee Global/Macro Index increased +1.23% for the month (+3.01% YTD). The Hennessee Macro Index increased +2.67% for the month (+4.30% YTD). Fixed income managers were positive for the month with the 10-Year U.S. Treasury ending the month at +3.05%, down 19 basis point from +2.86% in the previous month. WTI oil increased by +4.75% in September while natural gas increased by +1.01%.
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Industry Updates
Hennessee Group: hedge funds gain +0.11% in September (+3.71% YTD)
Tuesday, October 23, 2018
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