November’s best performing strategies were US Several Strategies, US Aggressive Growth and Offshore Aggressive Growth, which saw net gains of 8.6%, 5.4% and 5.0%, respectively.
Year-to-date the top performing strategies have been US Short Selling, Offshore Short Selling, and US Emerging Markets, which have seen year-to-date net gains of 24.0%, 17.2% and 12.4%, respectively.
By comparison the S&P 500 was up 5.9% in November, but down 17.2% for the year. Likewise, the NASDAQ gained 11.2% for the month, but remains down 23.9% for the year.
Other US gaining strategies in November include:
- Value up 3.9% in November
- Special Situations up 3.8% in November
- Opportunistic up 3.1% in November
- Fund of Funds up 2.2% in November
- Distressed Securities up 1.9% in November
Offshore strategies saw gains as well in November, including:
- Aggressive Growth up 5.0% in November
- Special Situations up 2.6% in November
- Income up 2.2% in November
- Emerging Markets up 2.1% in November
- Market Timing up 1.8% in November
- Value up 1.8% in November
According to Van Hedge research, the Average US Hedge Fund has actually earned 7.8% net of fees from March 2000, when the bear market started, through November 2002. During that same period, the S&P 500 and the Average Equity Mutual Fund have produced losses of -35.2% and -32.2%, respectively, according to Van Hedge.