Saturday, 22 October 2016
Last updated 19 hours ago
Dec 5 2013 | 1:24pm ET
Hedge funds had another tepid month in November, rising 0.55% as a disappointing year draws to a close.
The HFRX Global Hedge Fund Index once again failed to meet or exceed the returns of the Standard & Poor's 500 Index, which rose a further 2.8% last month and is now up 26.2% on the year. By contrast, the Hedge Fund Research benchmark is up just 6.13%.
All but two of the 16 strategies tracked by the HFRX suite were in the black in November, led by systematic diversified commodity trading advisors, which returned 1.6% on the month (down 1.84% year-to-date). Fundamental value funds rose an average of 1.24% (14.46% YTD) and master-limited partnership funds 1.06% (22.04% YTD).
Equity hedge funds added 0.96% last month (9.77% YTD), special situations funds 0.83% (17.73% YTD), equity-market neutral funds 0.64% (1.55% YTD), event-driven funds 0.6% (13.55% YTD), fundamental growth funds 0.52% (2.93% YTD), macro funds and CTAs 0.32% (down 1.75% YTD), relative-value arbitrage funds 0.27% (2.35% YTD), multi-strategy funds 0.22% (0.67% YTD), merger arbitrage funds 0.2% (3.57% YTD) and credit funds 0.03% (6.39% YTD). Distressed restructuring funds were flat in November and are up 5.4% on the year.
Only emerging markets funds and convertible arbitrage funds suffered losses on average last month, with the former dropping 1% (up 0.13% YTD) and the latter 0.73% (up 9.2% YTD).