Hedge Funds Fall 0.59% In Early Dec.

Dec 21 2011 | 10:43am ET

Hedge funds aren't getting the help this month they need to avoid a losing year.

As things stood at the end of November, the industry would have needed a major rally to get into the black for 2011. But hedge funds haven't gotten any kind of rally, and instead lost further ground in the first half of November, according to Hedge Fund Research.

The HFRX Global Hedge Fund Index lost 0.59% through Friday. The benchmark is down just over 9% on the year, with two weeks to go before New Years Day.

Over the same period, the Standard & Poor's 500 Index was down about 2.2%.

Industry losses were fairly widespread, except among macro and relative value strategies. Systematic diversified commodity trading advisors gained 1.67% during the first half of December (down 0.96% YTD). Convertible arbitrage funds added 0.27% (down 3.12% YTD), multi-strategy relative value funds 0.18% (up 0.39% YTD, the only HFRX strategy in the black for 2011), macro funds and CTAs 0.17% (down 4.45% YTD) and relative value arbitrage funds 0.1% (down 4.02% YTD).

On the other side of the ledger, fundamental growth funds fell an average of 2.57% (down 15.01% YTD),equity hedge funds 1.61% (down 19.69% YTD), market directional funds 1.57% (down 18.98% YTD), fundamental value funds 1.14% (down 23.61% YTD), special situations funds 0.73% (down 3.74% YTD), event-driven funds 0.69% (down 5.03% YTD), North American funds 0.53% (down 3.8% YTD), distressed restructuring funds 0.49% (down 7.69% YTD) and multi-regional funds 0.49% (down 15.21% YTD).


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Editor's Note