Opalesque Industry Update - Early estimates indicate the Dow Jones Credit Suisse Hedge Fund Index (“Broad Index”) pulled back in November, posting slightly negative performance of -0.28% for the month (based on 79% of assets in the index reporting).|
Key highlights for the month:
- Hedge funds overall posted negative performance in November as the Dow Jones Credit Suisse Hedge Fund Index fell an estimated 0.28%.
- Five out of the ten sectors in the index generated positive performance for the month and the industry is up an estimated 7.72% for the year.
- Despite overall global equity markets losses (with the Dow Jones Global Index down 2.16% for the month), Long/Short Equity managers were among the best performers in November finishing up an estimated 0.58%. Positive performance in the space was largely driven by stock-specific gains.
- In a reversal from their index-leading performance in October, Managed Futures funds finished down 4.09% for November. Losses were generally the result of a mid-month price reversal in sugar contracts which negatively affected many trend-following managers.