Hennessee index falls in November

The Hennessee Hedge Fund Index fell by 1.58% in November, but remains up 11.94% year-to-date. The index, which is compiled on a monthly basis by Hennessee Group LLC of New York, posted better results than the other major indicators. The Standard & Poor's 500, Dow Jones Industrial Average and the Nasdaq Composite Index were off 4.40%, 4.01% and 6.93%, respectively in November. The Lehman Aggregate Bond Index, however, advanced 1.80% "November was a good example of the value that hedge funds provide to investors, as losses by hedge funds are generally less than those of the overall market in periods of turbulence," said E. Lee Hennessee, Managing Principal of Hennessee Group, according to a statement. The Long/Short Equity Index declined -1.56% in November, marking the worst month since December 2002, as financial companies continued to lag, with the Standard &Poor's Financial Index falling -8.1% last month. The Arbitrage/Event Driven Index was off by -1.61% during the month, as most arbitrage strategies posted losses and many funds reduced risk by reducing risk in portfolios. The Global/Macro Index fell -1.68% in November, as equities fell globally in last month, led by China.