Investing August 18, 2004

PerTrac: Hedge Funds 0.65% Lower in July

August 18, 2004 (PLANSPONSOR.com) - Hedge funds posted an average 0.65% loss in July.
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The top 25% ofhedge funds gained an average 0.58%, while the bottom 25% of hedge funds lostan average 1.57% for the month.  Short Bias sector funds, the month’s topperforming strategy, were up an average of 4.31%, according to the HedgeFund.net-PerTrac Universes.

Other winning strategies in July included Fixed income (non-arbitrage) (1.04%) and Fixed income (arbitrage) (0.74%).   Technology sector funds were July’s worst performing strategy, down 6.27%.   Other losing strategies in July were Long/Short equity (-1.32%) and Value (-1.15%).

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Through July, the year-to-date average gain for hedge funds was 1.43%. Thetop 25% of hedge funds gained 4.32% year-to-date, while the bottom 25% lost anaverage 1.71%. 

In June, hedge funds gained an average 0.27%, with the top 25% of hedgefunds gaining an average of 1.19% and the bottom 25% losing an average 0.44%.

By comparison, the S&P 500was down 3.43% in July.   Year-to-date t he S&P 500 has gained 0.92%.

Products August 17, 2004

Fidelity Pulls RK Together For UC

August 17, 2004 (PLANSPONSOR.com) - Fidelity Investments has been tapped to become the sole administrator for the University of California's $9.5 billion retirement plans.
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The deal marks the first time a public university system will retain one provider to serve as master recordkeeper across a multi-vendor retirement program, according to Fidelity.   The UC, the ‘s largest employer, currently has 260,000 participants, both employed and retired, in its programs.  

“This new master recordkeeper model allows us to improve member services and helps us better position ourselves to meet future needs, while also ensuring that we continue to meet our fiduciary oversight responsibilities,” said Judy Boyette, vice president of human resources and benefits at the University of California in a press release. 

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“We were limited in our ability to satisfy members’ requests for increased retirement investment services because our systems were at maximum capacity,” she added.

The University of California system spans 10 campuses, five medical centers and three national laboratories. In addition to consolidating plan information and other benefits, Fidelity will provide investment education to the plan participants.

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