Hedge funds recorded their largest monthly gain since May 2009 last month, posting an average gain of 3.5% for the month of September, according to Hennessee Group LLC.
Despite the gains, performance was significantly outpaced by broader market indices. Over that same period, the Dow Jones Industrial Average (“DJIA”) was up 8 percent, with the S&P 500 gaining more than 9 percent. However, for the year hedge funds are up 4.7%, a slightly better pace than broader market indices.
In August, hedge funds posted an average loss of 0.55%, while July saw hedge funds post an average gain of 1.9%. This followed losses the previous two months, with 1.35% and 3.01% declines in June and May, respectively, according to Hennessee Group.
* * *
Robert Kiggins, Esq. of McCarthy Fingar LLP, is author of the blog, and may be reached at (914) 385-1024 or rkiggins@mccarthyfingar.com.
