Investing June 10, 2002
Hedge Fund Gains Edge out Broader Market
June 10, 2002 (PLANSPONSOR.com) - Hedge funds
produced a near flat return of 0.11% in May, according to
numbers from the Hennessee Hedge Fund Advisory
Group.
Reported by Camilla Klein
Despite the meager increase, hedge funds still beat the broader indices over the month. According to Hennessee:
- the S&P 500 fell by -0.74%
- the Dow Jones Industrial Average dipped -0.21%
- the Nasdaq slumped by -4.29%.
In year-to-date terms, hedge funds are up 0.86%, while:
- the S&P 500 is down 6.53%
- the Dow Jones Industrial Average is down -0.95%
- the Nasdaq has lost some -17.15% of its value.
May Winners
The top three performers for the month of May, which are also the top performers year-to-date, were:
- Pacific Rim, which gained 3.12%, buoyed by positive macroeconomic data in Japan
- Short-Biased, which was up 2.52%
- Financial Equities, which increased by 1.71% as companies bought up their own stock to support prices
Losers
The worst performing hedge fund indices for May were:
- Latin America, which fell by -4.37% as political instability left investors jittery
- Healthcare/ Biotech, where stocks slid -2.61%, threatened by class-action suits concerns that patents were expiring
- Growth, which slid -1.32%.