Equity Hedge Funds Strongest As Industry Posts Nov. Gains

Dec 17 2013 | 12:08pm ET

Hedge funds again failed to match the return of the broader markets in November, rising 1.31% on the month, according to Credit Suisse.

The Credit Suisse Hedge Fund Index rise last month compares unfavorably with the Standard & Poor's 500 Index, which rose 2.8% in November and which is up 26% on the year. By contrast, the Credit Suisse index is up 8.43% in 2013, with just one month to go.

Equity market neutral funds did best in November, with a 2.59% average return (7.87% year-to-date). One of the year's hardest-hit strategies, managed futures, followed at 2.09% (down 2.66% YTD).

Long/short equity funds added 1.85% (15.65% YTD), event-driven multi-strategy funds 1.74% (13.62% YTD), event-driven funds 1.68% (13.64% YTD), distressed funds 1.55% (13.79% YTD), emerging markets funds 1.08% (7.44% YTD), global macro funds 1.03% (3.59% YTD), multi-strategy funds 0.86% (9.44% YTD), fixed-income arbitrage funds 0.5% (3.61% YTD) and risk arbitrage funds 0.1% (4.48% YTD).

Dedicated short-bias funds continued to rack up the losses in November, falling 1.49% (down 24.36% YTD). Convertible arbitrage funds also lost ground, dropped 0.2% (up 5.47% YTD).


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Editor's Note