Hedge Funds Drop Slightly In Nov.

Dec 2 2011 | 12:01pm ET

Hedge funds lost ground last month but are on track to manage positive returns for the year with a relatively strong December.

The Credit Suisse Liquid Alternative Beta Index lost 0.39% last month, in line with the 0.5% decline of the Standard & Poor's 500 Index. But thanks to the 4.17% surge the index enjoyed in October, it is down just 0.97% for the year.

What is more, the news for November wasn't all bad.

"Despite the decline, three of the five sectors posted positive performance," Jordan Drachman, head of research for alternative beta strategies, said. "Merger arbitrage was the best performer, finishing up 0.36%, and is currently the highest performing sector year-to-date, up 3.95%."

Also posting gains were global strategies, up 0.13% (down 1.16% year-to-date) and managed futures, up 0.05% (down 3.74% YTD). On the other hand, long/short funds shed an average of 0.5% (up 0.39% YTD) and event-driven funds lost 1.57% (down 1.3% YTD).

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