Wednesday, 23 July 2014
Last updated 11 hours ago
Dec 16 2013 | 9:35am 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…