Hedge funds, coming off their second-worst year in two decades, are on the rebound this year, but they're still trailing the broader market TheSteeet reports.
Hennessee Group, a hedge fund adviser, said its composite index of hedge fund performance gained 2.5% in January, versus a gain of 4.4% for the S&P 500 Index of the largest U.S. companies. That comes after a disappointing 2011 for most hedge funds, which control about $2 trillion in assets. As a group, they lost 5% in 2011, while the S&P 500 was flat. Equity hedge funds lost 8.3%, and macro funds, which have a wide array of holdings, dropped 3.8%, and event-driven funds declined 2.8%.
Nevertheless, as a group they still saw inflows of $28 billion, according to another industry analyst, Hedge Fund Research. Hedge funds of all kinds had about $70 billion in inflows last year, with the bulk of it going to fixed-income investments, a trend that is indicative of investors' defensive positioning last year…
Read all about it at www.thestreet.ccom/story/11411283/1/5-hedge-funds-top-stocks-soar-after-2011-rout.html?cm_ven=GOOGLEN
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