Hedge funds stay ahead of the pack

Hedge funds have beaten out the major indicators in the month of June.
JUL 10, 2007
Hedge funds have beaten out the major indicators in the month of June. Hedge Fund Research Inc.'s Weighted Composite Index gained 1.11% in June, pushing the index up 7.97% year-to-date. Meanwhile, Hennessee Group LLC's Hedge Fund Index rose 0.88% in June and is up 8.71% year-to-date. Both indexes beat out the Standard & Poor's 500, Dow Jones Industrial Average and Nasdaq Composite, which declined 1.78%, 1.61% and 0.05% during the month, respectively. HFR's emerging markets, short-selling and technology strategies had the strongest month, increasing 2.96%, 2.03% and 2.01%, respectively. "Emerging markets did particularly well in Eastern Europe," said Ken Heinz, president of Chicago-based HFR. "That was the best performing geographic area." HFR's real estate and health care/biotech fund categories fell 2.90% and 1.51%, respectively. Meanwhile, New York-based Hennessee's distressed debt and Merger Arbitrage indexes fell 0.32% and 0.2% respectively.

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