Hedge Fund Reader : Betting on dollar and raising oil prices spell profit for hedge funds

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July 14, 2005

Betting on dollar and raising oil prices spell profit for hedge funds

Hennessee Group, New York-based consultants who advise clients on hedge funds and also track performance in the industry, reported that average hedge fund returned 1.5% in the month of June. This was a result of successful bets on the dollar and on the rising oil prices. The return albeit small, was better than that for most stock markets. The figures made public by the group, are similar to the numbers released by other groups in the last few days and hence confirms an industry trend. Dow Jones and Nasdaq Composite Index were both down by 1.84% and 0.54% respectively whereas Standard & Poor's 500 index (with dividends) was up marginally by 0.14% last month. Charles Gradante, a principal at Hennessee commented that though the hedge funds gained 1.06% in the first half, the funds definitely fell short of the promised double-digit returns. Gradante added that this was due to narrow trading ranges in the stock markets, the flattening yield curve and low volatility. Overall, funds betting on European stocks fared the best with a raised performance of 3.53%. Reuters.com reports:

“Funds that bet on European stocks fared best, rising 3.53 percent last month while funds that bet against the future of the stock market, so-called short biased funds, delivered the month's worst performance, inching up only 0.37 percent.”

Link: Bets on dollar, crude oil help hedge funds-report.

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July 14, 2005 in Emerging Markets | Permalink

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