The Hennessee Hedge Fund index declined 0.73% in March as a result of weak equity markets but was up 0.32% for the first quarter, said Alexander Smith-Ryland, spokesman at Hennessee Group. Broad market equity indexes were also down during March, with the S&P 500 declining 1.77%, the Dow Jones industrial average down 2.44% and the Nasdaq composite declining 2.56%. For the quarter, the S&P 500 and the Dow Jones industrial average each declined 2.6%, while the Nasdaq composite index was down 8.11% in the three-month period.
The first quarter marked the first time since the first quarter of 2000 that both equities and bonds were negative in the same quarter, said Charles Gradante, Hennessee Group managing principal, in a statement. "This is indicative of the struggle hedge funds are having," he said.