Hedge fund performance had its worst year ever in 2002, according to...

Hedge fund performance had its worst year ever in 2002, according to two indexes. The Hennessee Hedge Fund index was down 3.43% for the year, the first time annual returns have been negative since the index’s 1987 inception. The Hedge Fund Research index of hedge funds reported a -0.77% return in 2002. Other indexes such as Tremont, VAN Hedge Fund Advisors International, MSCI and S&P have yet to report December and year-end results.