In contrast to the NASDAQ’s struggles, the Hennessee Technology Index gained 12.43% net for the year, while the Hennessee Healthcare/Biotech Index gained a net 62.37%. The NASDAQ posted a loss of 39.72% for the year.
The Hennessee Hedge Fund Index was created in 1987 and encompasses 22 management styles from a database of more than 3,000 hedge fund managers.
The Hennessee Group cited several factors contributing to the performance, including maintaining a low net exposure to the market as well as high levels of cash – a flexibility in approach not enjoyed by mutual funds
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