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Dow Jones Starts Publishing Daily Hedge Fund Indexes

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NEW YORK (–Dow Jones announced that it now calculates and disseminates on a daily basis indexes for five hedge fund strategies. Previously this data was available monthly but not daily.

These measures show that for the year 2003 distressed securities returned 23.4%; event-driven strategies, 18%; convertible arbitrage, 11.8%; and merger arbitrage, almost 8%. The index for the fifth strategy, equity market neutral, has a later inception date. It indicates a minus 0.7% return from June 30 to Dec. 31, 2003.

The publisher bought the database from Lyra Capital LLC, a firm started by a team that previously was part of Zurich Capital Markets and that had started developing investable hedge fund index products there .

Dow Jones and Lyra face strong competition in the hedge fund index field. There are at least 11 databases, according to a recent review by State Street Global Advisers. Investable index providers include Credit Suisse First Boston/Tremont,* Morgan Stanley Capital International and Standard and Poor’s. Various indexes differ in construction and underlying hedge funds.

Dow Jones Hedge Fund Indexes are to be quoted daily in The Wall Street Journal and the web site They will be available weekly in Barron’s.

*Tremont Capital Management Inc., Rye, N.Y., is a strategic partner of and a minority investor in HedgeWorld.

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