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Alternative Market Briefing

Performance gains and asset flows continue for hedge funds in November

Monday, December 23, 2013

Bailey McCann, Opalesque New York:

The latest data out from Citi Prime Finance show that hedge funds posted both performance and asset gains in the month of November. According to eVestment, industry assets rose for November 2013 gaining +$45.3bn. Asset growth was attributed mostly from performance gains of +$30.2bn with net positive investor flows accounting for +$15.3bn. The net positive investor flows of +$15.3bn for November 2013 marks the ninth period of net positive flows year to date. November 2013 flows are higher than the mean monthly flows for 2013 which now stand at +$6.5bn. November 2012 net flows were +$11.92bn over the same period.

November 2013 marks the third consecutive month with positive performance gains and was 2x the mean monthly gain reported throughout 2013. Mean monthly performance gains now stand at +$15bn for 2013 compared to +$9.6bn for 2012. November 2013 performance contrasts with November 2012 performance gains which stood at only +$6.6bn.

In terms of individual strategy positions, and use of leverage - Citi US short flows data included in this month’s report show continued interest in the Healthcare and Consumer Discretionary sectors. These sectors accounted for 31.05% of short executions and 33.12% of short covers in November vs. 32.45% of short executions and 34.21% of short covers in September, 2013. Looking across gross leverage, the following strategies showed the highest uses of leverage: Equity Market Neutral (4.15x), Multi ......................

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