Hennessee Hedge Fund Index up 1.79% in May, Lagging Market Advances

No, you haven't been imagining things.  According to the WSJ hedge funds gained 1.79% in May, again lagging broader market advances, according to a monthly report from industry adviser Hennessee Group LLC.  Outpacing the Hennessee Hedge Fund Index, the Standard & Poor's 500-stock index rose 2.08% in May, the Dow Jones Industrial Average climbed 1.86% and the Nasdaq Composite Index climbed 3.82%.

Bonds fell, as the Barclays Aggregate Bond Index declined -1.78%.

"At month end, managers saw significant increases in volatility, a significant drop in the dollar, especially against the Japanese Yen, the Japanese market experienced a major pullback which were compounded by global GDP, employment, housing, and consumer spending disappointments," said Charles Gradante, co-founder of Hennessee….

http://online.wsj.com/article/BT-CO-20130611-706910.html