U.S. hedge funds posted gains last year but lagged the broader financial markets and fell short of the double-digit returns they delivered in 2003, according to Hennessee Group, a New York hedge fund consultant.
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The average hedge fund returned 8.27% in 2004, Hennessee reported on Monday, and average growth in 2003 was 19.69%.
In December, the average hedge fund rose 2.13%, the second-best monthly return in 2004 after a 2.75% gain in November. The Standard & Poor's 500 Index returned 3.40% in December and 4.47% in November.
