Hennessee Group LLC, an adviser to hedge fund investors, says the Hennessee Hedge Fund Index advanced +2.45 percent in May (+7.86 percent YTD).
The S&P 500 rose +3.26 percent (+7.94 percent YTD), the Dow Jones Industrial Average increased +4.32 percent (+9.34 percent YTD) and the NASDAQ Composite Index advanced +3.15 percent (+7.84 percent YTD). Bonds sold off in May, as the Lehman Intermediate Government Corporate Bond Index declined -0.64 percent (+1.43 percent YTD).
“All hedge fund strategies posted positive returns in May, with the exception of short biased funds,” says E. Lee Hennessee, managing principal of Hennessee Group LLC. “The strong performance is an indication that many funds have expanded their net exposures and become more fully invested, although short selling has again become more difficult over the last two months.”