Opalesque Industry Update - Hedge funds gained 0.56% in November according to the Barclay Hedge Fund Index compiled by BarclayHedge. The Index is up 7.75% year-to-date.|
“Hedge funds appear to be on their way to another profitable year,” says Sol Waksman, founder and president of BarclayHedge.
"The Barclay Hedge Fund Index has had consistent gains in 13 of the past 14 years. The single losing year was a 23.53% loss in 2008 when global stock markets collapsed."
Fourteen of Barclay’s 18 hedge fund indices were up in November. The Barclay Pacific Rim Index gained 1.80%, Equity Long Bias was up 1.09%, Equity Market Neutral gained 0.92%, and European Equities rose 0.85%.
"With equity markets in all but three developed countries declining in November, equity-based hedge funds certainly earned their fees last month," says Waksman.
The Equity Short Bias Index lost 1.78% in November, Global Macro dropped 0.56%, and Emerging Markets were down 0.23%.
“Although equity prices declined in two-thirds of the developing markets, funds trading in this sector did a good job of limiting losses,” says Waksman. "Potential damage from rising interest rates was also well-contained by managers."
The Barclay Fund of Funds Index gained 0.18% in November, and is up 2.99% for the year.