HFRI: Hedge Funds Up 0.35% In Nov.

Dec 10 2012 | 5:40am ET

Most hedge funds eked out a positive return in November, Hedge Fund Research's voluminous HFRI indices show.

The HFRI Fund Weighted Composite Index rose 0.35% last month and is up 4.89% on the year with one month to go. The Standard & Poor's 500 Index was also up only slightly last month, about 0.6%, but is up over 13% on the year.

Most hedge fund strategies were in the black in November. Emerging markets funds added an average of 0.86% on the month (6.31% year-to-date), relative-value funds 0.76% (9.54% YTD), event-driven funds 0.66% (6.46% YTD) and equity funds 0.39% (5.77% YTD), while macro funds lost an almost-imperceptible 0.005% (down 0.93% YTD).

Asia ex-Japan funds rose 1.67% (7.91% YTD), quantitative directional funds 1.41% (7.2% YTD), global emerging markets funds 1.4% (6.34% YTD), asset-backed funds 1.09% (15.93% YTD), convertible arbitrage funds 1.03% (7.75%), merger arbitrage funds 0.82% (1.74% YTD), equity market neutral funds 0.64% (3.15% YTD), distressed and restructuring funds 0.64% (7.73% YTD), corporate fixed-income funds 0.64% (9.64% YTD) and multi-strategy relative-value funds 0.62% (7% YTD).

Just a handful of substrategies lost ground in November. Short-bias funds were hammered again, falling 1.7% (down 15.49% YTD), when energy and basic materials funds lost 1.49% (down 5.03% YTD). Latin America funds shed 0.88% (up 6.1% YTD), Russia and Eastern Europe funds 0.36% (up 2.35% YTD), systematic diversified funds 0.29% (down 3.47% YTD), private issue and Regulation D funds 0.21% (up 0.27% YTD) and technology and healthcare funds 0.16% (up 5.23% YTD).

Funds of hedge funds added 0.44% last month (3.56% YTD).


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Editor's Note