Hennessee: Hedge Funds Down 3.91% Through Nov.

Dec 9 2011 | 12:15pm ET

Hedge funds are on a roller-coaster ride in 2011, and they'd very much like to get off.

Yet another industry index shows that October's turnaround was very, very short-lived, and that the average hedge fund returned to its losing ways in November. "This environment has proven extremely challenging, and hedge funds were whipsawed again," the Hennessee Group's Charles Gradante said.

The Hennessee Hedge Fund Index fell 0.96% last month, while the Standard & Poor's 500 Index lost only 0.5%. The benchmark is down 3.91% on the year.

Global and macro funds took the biggest hit among major strategies, losing 2.77% in November (down 8.01% year-to-date). Arbitrage and event-driven funds lost 0.47% (down 2.15% YTD) and long/short equity funds 0.45% (down 2.94% YTD).

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Editor's Note