BOSTON, Nov 8 (Reuters) – October was a miserable month for many hedge funds because most lost money, but new data show the losses were not as high as some investors feared after big funds were hit by moves in energy and international stocks.
The average fund lost 1.32 percent in October, faring slightly better than the broader Standard & Poor’s 500 Index, but underperforming the blue-chip Dow Jones Industrial average, according to data released on Tuesday by hedge fund consultants at the Hennessee Group.
Other companies that track the performance of the loosely regulated $1 trillion hedge fund industry, including CSFB/Tremont and S&P, will release their numbers in the next days. Funds are not required to report returns.
