Hennessee Puts Hedge Funds Up 1.19% In Nov

Dec 16 2013 | 10:35am ET

Hedge funds edged up 1.19% in November, trailing the S&P 500 which added 2.80% on the month, according to the Hennessee Group.

The Hennessee Hedge Fund Index is now up 11.18% year to date.

Equity long/short funds were up 1.53% in November (16.97% YTD). The best-performing sectors were healthcare (up 4.49%), financials (up 4.37%) and information technology (up 3.64%). Telecommunications (down 2.63%), utilities (down 2.35%) and energy (up just 0.50%) underperformed.

Arbitrage/event driven funds added 0.81% in November (9.05% YTD) while distressed funds added 0.53% (12.76% YTD). Merger arbitrage funds squeaked up 0.26% in November (and are up 6.54% YTD).  Convertible arbitrage strategies, on the other hand, lost 0.12% in November (but are up 6.58% YTD).

Global/macro funds gained 1.00% in November (and are up 4.88% YTD) according to Hennessee while emerging market strategies gained 1.82% (6.52% YTD).  The threat of tapering in the U.S. is weighing on external funding-focused countries such as India (down 3.41%) and Brazil (down 6.82%), while China gained 4.85%. Macro funds rose 1.29% for the month of November (but are down 1.55% YTD).

Fixed income managers were down modestly in November.


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