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.


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of