Hedge funds posted broadly higher returns in an otherwise underwhelming November characterized by uncertainty, according to Eurekahedge.
The Eurekahedge Hedge Fund Index rose 0.52% last month and is up 4.51% on the year, roughly one-third the return of the Standard & Poor's 500 Index. Those "marginal gains" were spread across the board, with just one region and two strategies suffering negative returns on the month.
Event-driven funds enjoyed the best average returns in November, rising 1.46% (7.42% year-to-date). Arbitrage funds rose 0.98% (5.93% YTD), multi-strategy funds 0.79% (6.36% YTD), long/short equities funds 0.67% (5.71% YTD), fixed-income funds 0.65% (8.92% YTD), relative value funds 0.62% (9.36% YTD) and commodity trading advisers and managed futures funds 0.09% (down 0.88% YTD).
Only distressed debt and macro funds fell in November, both by an average of 0.08%. The former strategy is up 9.81% on the year, 2012's best so far, and the latter is up 1.1%.
Regionally, Asia funds stood out in November. Japanese hedge funds rose 1.41% (2.05% YTD) and Asia ex-Japan funds 1.2% (7.41% YTD). European hedge funds added 0.8% (5.57% YTD), emerging markets funds 0.77% (6.85% YTD), Latin American funds 0.43% (8.39% YTD) and North American funds 0.25% (5.99% YTD). Eastern European and Russian funds shed 0.78% in November and are now down for the year at negative 0.17%.