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Effective with the opening of trading today, Mangan & McColl was removed as a component of the Dow Jones Hedge Fund Merger Arbitrage Strategy Benchmark. It isn’t being replaced immediately, leaving the Merger Arbitrage strategy with eight managers as components. Mangan & McColl will continue to be a component of the Dow Jones Hedge Fund Event Driven Strategy Benchmark.
The change being announced today is a result of a quarterly review of the Benchmarks by the Dow Jones Indexes Hedge Fund Strategy Benchmark Advisory Committee (DJHFSB). The members of the DJHFSB Committee oversee, and are responsible for, the processes used for the on-going maintenance of the Benchmarks. The committee reviews the Benchmark components with respect to consistency in style, performance – absolute and relative to peers -- and satisfactory on/off site due-diligence meetings with the managers.
The Dow Jones Hedge Fund Strategy Benchmarks measure individual hedge fund strategies. The five existing strategies are Equity Market Neutral, Convertible Arbitrage, Distressed Securities, Merger Arbitrage and Event Driven. Beginning in early October, DJHFI will begin publishing the Dow Jones Hedge Fund Equity Long/Short (U.S.) Strategy Benchmark, which complements the already-existing five strategies. DJHFI provides style-pure, hedge fund strategy indexes that exhibit highly correlated component returns. The methodologies and components underlying the Dow Jones Hedge Fund Strategy Benchmarks are available on the Dow Jones Indexes Web site at www.djindexes.com.
Dow Jones Indexes Hedge Fund Strategy Benchmark Advisory Committee Members
- John A. Prestbo, Editor, Dow Jones Indexes, Chairman of the Dow Jones Index Oversight Committee
- Ridgely Walters, President of Dow Jones Hedge Fund Indexes, Inc. and Senior Director, Client Development and Sales, Dow Jones Indexes
- Garry Crowder, Founder and CEO, Lyra Capital LLC
- Nancy Everett, Chief Investment Officer, Virginia Retirement Systems
- Philip Halpern, Independent Advisor
- Neil J. Petroff, Senior Vice President, International Equities Indices, Fixed Income and Alternative Investments, Ontario Teachers Pension Plan
- Laurence Siegel, Director, Investment Policy Research, The Ford Foundation
- Edgar J. Sullivan, Vice President of Investment Research and Co-Portfolio Manager, Absolute Return Strategy, General Motors Asset Management
Company additions to and deletions from the Dow Jones Hedge Fund Strategy Benchmarks do not in any way reflect an opinion on the investment merits of the company.
