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Hennessee Hedge Index Announces 2.75% Return

by Carla Johnson, Investors

10 December 2004

Hedge fund consultant Hennessee has announced a 2.75% increase in its hedge fund index for the month of November, confirming that hedge funds have enjoyed their best month of the year so far in terms of performance, although returns lagged the major equity benchmarks as stocks went on a post-election rally.

The news comes shortly after S&P and Van Hedge announced gains in their hedge fund indexes of 1.45% and 2.4% respectively and compares favourably to the muted performance in October when the average hedge fund returned 0.51%.

However, when measured against the performance of the equity benchmarks in November, hedge fund returns remained a relative disappointment. The S&P 500 gained 4.47% last month, while the Nasdaq increased by 6.17%.

Moreover, according to data from Lipper Inc, the average US diversified equity mutual fund returned 3.85% in November.

One reason for the inferior performance of hedge fund is the relatively heavy losses suffered by short selling strategies as equity markets rallied last month. According to reports, short sellers lost 9% during November, marking a third consecutive month of negative returns.

On a year date basis however, hedge fund returns have outpaced the performance of some equity benchmarks. The Van Global Hedge Fund Index, with its year-to-date net return of 5.8%, remains marginally ahead of the 5.1% increase in the Dow Jones, and significantly ahead of the 1.7% returned by the Nasdaq.

A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at and a description of the report can be seen at

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