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Opalesque Industry Update - Hennessee Group LLC announced today that the Hennessee Hedge Fund Index decreased -2.27% for the month (-2.15% YTD), while the S&P 500 was down -9.18% (-6.0% YTD), the Dow Jones Industrial Average decreased -8.66% (-6.18% YTD), and the NASDAQ Composite Index lost -9.48% (-3.71% YTD). Bonds were positive for the month, as the Barclays Aggregate Bond Index increased by +1.84% (0.0% YTD).
The top three strategies for the month were High Yield (+1.37%), Market Neutral (+0.50%) and Multiple Arbitrage (+0.41%). While, the bottom three strategies for the month were Convertible Arbitrage (-6.82%), Financial Equities (-5.23%) and Healthcare and Biotech (-4.77%). For the year, Short Biased (+20.81%) leads all strategies while Distressed (-23.34%) brings up the rear. Equity long/short hedge funds were negative for the month, as the Hennessee Long/Short Equity Index declined -2.83% (-1.60% YTD). The better performing sectors were Utilities (+5.76%), Telecom Services (+5.33%) and Consumer Staples (+4.40%). While underperforming sectors were Energy (-13.62%), Industrials (-9.80%) and Financials (-9.67%). The Hennessee Arbitrage/Event Driven Index decreased -1.96% for the month (-1.81% YTD). The Barclays Aggregate Bond Index increased +1.84% for the month (0.0% YTD) as interest rates decreased for the month. The Merrill Lynch High Yield Master II Index increased +19.51% for the month, and high yield spreads increased 104 basis points to end the month 533 basis points over treasuries. The Hennessee Distressed Index was negative for the month by -1.53% (-23.34% YTD). The Hennessee Merger Arbitrage Index increased +0.04% for the month (+3.82% YTD). The MSCI ACWI Index decreased -7.17% (-11.18% YTD) and the MSCI EAFE Index decreased -4.96% (-16.24% YTD). The Hennessee International Index decreased -3.54% for the month (-8.14% YTD). The MSCI Emerging Market Index decreased -2.91% for the month (-16.63% YTD), while hedge fund managers outperformed the index, as the Hennessee Emerging Market Index decreased -0.40% for the month (+8.93% YTD). The Hennessee Global/Macro Index decreased -1.49% for the month (-2.57% YTD). The Hennessee Macro Index remained flat for the month (-1.02% YTD). Fixed income managers were positive for the month with the 10-Year U.S. Treasury ending the month at +2.69%, down 32 basis point from +3.01% in the previous month. WTI oil decreased by -11.09% in November while natural gas decreased by -29.35%. |
Industry Updates
Hennessee: Hedge funds lost -2.27% in December
Thursday, January 24, 2019
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