Waiting For The Santa Rally: Hedge Funds Fall In Early Dec.

Dec 19 2013 | 2:42am ET

Stocks were down in the first two weeks of December—and so were hedge funds.

The average hedge fund fell 0.48% through Dec. 16, according to Hedge Fund Research's HFRX Global Hedge Fund Index. That cut the benchmark's year-to-date gain to 5.61%, compared to better than 25% for the Standard & Poor's 500 Index.

Just two of the 18 strategies tracked by the HFRX suite gained ground in early December: equity market neutral funds, which returned an average of 0.7% (2.26% year-to-date), and merger arbitrage funds, which added 0.34% (3.92% YTD).

The red side of the ledger was headlined by the year's best performers, master-limited partnerships, which dropped an average of 1.54% to cut their year-to-date gains to 20.16%. Fundamental growth funds shed 1.23% over the two weeks (up 1.66% YTD), emerging markets funds 1.09% (down 0.96% YTD), systematic diversified commodity trading advisors 0.9% (down 2.73% YTD), special situations funds 0.86% (16.71% YTD), convertible arbitrage funds 0.7% (up 8.44% YTD), macro funds and CTAs 0.64% (down 2.37% YTD), event-driven funds 0.63% (up 12.84% YTD), equity hedge funds 0.48% (up 9.24% YTD), multi-strategy funds 0.33% (up 0.34% YTD), credit funds 0.3% (up 6.07% YTD), fundamental value funds 0.22% (up 14.2% YTD), relative-value arbitrage funds 0.22% (up 2.12% YTD) and distressed restructuring funds 0.06% (up 5.33% YTD).


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