Hedgefund investment adviser Hennessee Group LLC announced today that the Hennessee Hedge Fund Index advanced to +0.2% in November (+7.0% YTD), while the S&P 500 and the Dow Jones Industrial Average declined to -1.0% (+5.5% YTD) and -0.2% (+5.9% YTD), respectively. The NASDAQ Composite Index is down to -0.4% (+10.1% YTD). Bonds also decreased as Barclays Aggregate Bond Index registered at -0.6% (+7.7% YTD).

Hennessee Group Co-Founder Charles Gradante noted that hedge funds recorded small increase amid pessimistic outlook on European economy.

Grante voiced the frustration of hedge fund managers on their performance as “they have not been able to capitalize on moves within what has been a range bound market.”

He adds that many of them see the year 2010 as having a “a macro event-driven market” that provides them “few opportunities to profit on fundamentals.”