Hedge Funds Inch up in January

February 15, 2002 (PLANSPONSOR.com) - The CSFB/Tremont Hedge Fund Index ticked up by 0.5% in January, continuing to outperform most major US equity indices.

Over the month, funds employing Emerging Markets strategies, making equity or fixed income investments in developing economies around the world, performed best, increasing by 2.8%.

Global Macro, in which managers take positions that reflect their views on overall market direction as influenced by major economic trends and events, was the next best performing strategy. These funds rose by 2.6%.

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Next best were Event Driven strategies, which aim to capture price movements generated by pending corporate events, also performed relatively well, gaining 1.2% over the month.

In comparison,

  • the Dow Jones Industrial Average fell by -1%,
  • the S&P 500 slid by -1.6%, and
  • the Nasdaq decreased by -0.8%

Last month hedge funds gained 1.2% (see Hedge Funds Beat Stock Market in 2001 ).

Performance for the CSFB/Tremont Hedge Fund Index, which comprises 381 funds, and the nine style-driven sub-indices are calculated monthly for capitalization and return. The Index is reselected quarterly. 


 

Unemployment Claims Continue Downward Trend

February 14, 2002 (PLANSPONSOR.com) - The number of Americans seeking first time unemployment benefits shrank by 8,000 in the week ending February 9, according to data from the Department of Labor.

The number fell to a lower than anticipated 373,000 from its revised 381,000 level the previous week.

Though the number is on a downward trend, it is still well above that reported the same time last year, when initial unemployment insurance claims were 344,000

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The four-week moving average, considered a better barometer of the unemployment situation because it irons out weekly fluctuations, fell for the fourth week in a row, to 376,000 from 381,500, its lowest level since August last year.

The states with the largest decreases in initial claims for the week ending February 2, the latest week for which data are available, were:

  • Georgia, where claims fell by -5,677, as layoffs in the textile industry moderated,
  • Texas, where the figure dipped by -2,577, as layoffs moderated in the manufacturing, information, and wholesale trade industries, and
  • Pennsylvania, down by -1,530, as fewer jobs were axed in the construction, food, primary metals and transportation industries

The latest report comes on the heels of yesterday’s data release from the Bureau of Labor Statistics, which showed a significant increase in mass layoff actions in the fourth quarter of 2001.



 

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