Hedge funds suffer losses but beat markets

Reuters UK – Hedge funds suffered their worst full-year loss ever in 2008 but their decline was still less steep than the 38 percent drop for the average stock mutual fund, data released on Thursday showed.

The average hedge fund lost 19.2 percent last year according to data from New York-based consultants the Hennessee Group and 18.30 percent according to data from Chicago-based Hedge Fund Research HFR.L.

Funds of hedge funds, which promise to build a portfolio of individual hedge funds to spread the risk, fared the worst of all, losing 19.97 percent, HFR said, citing exposure to accused financial swindler Bernard Madoff as a major reason for the losses.

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