As they have done for much of the year, Canadian hedge funds topped the broader markets, and their peers from around the world, in October.
The Scotia Capital Hedge Fund Performance Index rose 0.85% last month. The index, which includes 38 Canadian hedge funds, is up 22% this year. By contrast, the local S&P/TSX Index dropped 4.25% on the month.
Globally, hedge funds were essentially flat in October, with many hedge fund indices posting slightly negative returns on the month.
“Canadian hedge fund managers posted muted aggregate October performance with few outliers,” Scotia Capital said. “Selective stock-picking on both the long and short side continued to be an important performance contributor.”