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Hennessee Group LLC announced today that the Hennessee Hedge Fund Index lost -0.02% in July (+2.94% YTD), while the S&P 500 gained +1.97% (+2.18% YTD), the Dow Jones Industrial Average rose +0.40% (-0.75% YTD), and the NASDAQ Composite Index jumped +2.84% (+8.28% YTD). Bonds were also positive on the month, as the Barclays Aggregate Bond Index increased +0.70% (+0.60% YTD)

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After spending some quality time with managers and investors recently, I’ve come to realize that, while they have a lot of respect for one another, they also have a lot of frustration with one another’s due diligence processes. Here’s their thoughts about each other’s due diligence in a (somewhat sarcastic) nutshell.

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In an increasingly competitive capital-raising climate for start-up hedge funds, the use of performance examinations has become more and more common. A performance examination typically takes place when investment managers are considering launching a private fund structure and have traded their investment strategy in a separately managed account, or within their personal trading account.

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