The 1.78% gain in November bests October’s gain of only 0.10%, bringing year-to-date average gains to 2.70%. Of the 1,035 hedge funds reporting November performance, the top quarter gained an average of 2.85%, while the bottom quarter lost an average of 0.25%.
By comparison, year-to-date the S&P 500 and Dow Jones Industrial Average have lost 17.30% and 11.20%, respectively.
PerTrac reports that of the 35 indices tracked, the biggest gainers in November were Value and Technology funds, gaining 8.35% and 8.14% respectively. Technology funds, which had losses eight out of the last nine months, have now posted gains for two consecutive months, recording a 5.02% increase in October.
Conversely, the Short Bias and Commodity Trading Advisors (CTA) indices were hardest hit, losing 5.23% and 1.62%, respectively in November. Short Bias, one of the strongest sectors this year, has now posted two straight months of losses; recording a 2.82% drop in October.
Other indices showing gains in November include:
- 3.17% – Convertible Arbitrage
- 2.81% – Event Driven
- 2.23% – Distressed
- 2.13% – Long/Short Hedged
- 2.05% – Emerging Markets
- 1.61% – Fixed Income
- 1.23% – Fund of Funds
- 0.87% – Fixed Income Arbitrage
- 0.85% – Macro
- 0.75% – Market Neutral
Indices recording losses this month include:
- -0.63% – Risk Arbitrage
- -0.62% – Equity