Market Takes Toll on Hedge Funds in July
August 7, 2008
Whereas the S&P 500 declined 0.99%, the Dow Jones Industrial Average rose 0.25% and the Nasdaq Composite Index gained 1.42% in July, the Hennesee Hedge Fund Index fell 1.95%.
Managing Principal E. Lee Hennessee said the themes most profitable for managers in the first half of the year—short financial and long energy—experienced a “very sharp” reversal in July.
Gradante believes the pullback in commodities is a short-term correction, saying demand for agricultural commodities and oil could continue to outweigh supply for years.
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