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Hedge funds continued to reap assets in November

Tuesday, December 14, 2010
Opalesque Industry Update - HFN estimates the industry had net investor inflows of nearly $13 billion in November while performance appeared mixed.

Below are early estimates for November 2010 hedge fund performance and asset flows. A full report will be available later in the month.

November Highlights:
• The equal weighted HFN Hedge Fund Aggregate Index was +0.29% in November and +7.47% in the first eleven months of 2010. The S&P 500 Total Return Index (S&P) was +0.01% in November and +7.85% YTD.

• Hedge fund assets increased an estimated +0.08% in November to $2.409 trillion. Net investor flows accounted for an increase of $12.97 billion while performance accounted for an asset reduction of $11.04 billion.

• The positive equal weighted performance compared to the negative asset weighted performance indicates that smaller funds performed better than larger funds during the month. Funds reporting AUM greater than $500mm returned an average of -0.34% while those with less than $500mm reported +0.28% in November.

• November was the fifth month in a row of net investor inflows following the industry’s first net outflow of 2010 in June. The continuation of net inflows, especially following the surge in October, is an important sign of support as the trend in the first half of the year was of declining rates of growth.

• Performance was very diverse in November; CTAs produced negative average performance, driven by losses from currency exposure, while funds investing in natural resource related equities were positive. Emerging markets funds had large losses from India exposure while Russia and China were positive.

• Mortgage funds continued to shine in November, outperforming other fixed income and equity focused strategies.

HFN’s full November report, to be released in the third week of December, will provide details on high water marks and asset flows by strategy and region.

November and YTD 2010 Benchmark Performance:
Emerging Market Benchmarks:
HFN Brazil Index: -0.71% in November, +9.69% in 2010
HFN China Index: +0.84% in November, +6.13% in 2010
HFN India Index: -7.94% in November, +7.82% in 2010
HFN Russia Index: +1.80% in November, +13.18% in 2010
HFN Latin America Index: -0.46% in November, +9.40% in 2010
HFN MENA Index: +0.15% in November, +11.19% in 2010
Emerging Market Debt: -0.47% in November, +7.28% in 2010
Emerging Market Equity: -0.51% in November, +10.31% in 2010
HFN Emerging Markets Index: +0.06% in November, +12.63% in 2010

Broad and Developed Market Benchmarks:
HFN Asia Index: +1.06% in November, +6.58% in 2010
HFN Europe Index: +0.53% in November, +5.61% in 2010
HFN North America Index: +1.04% in November, +9.11% in 2010
HFN Australia Index: +3.13% in November, +8.03% in 2010
HFN Japan Index: +3.09% in November, +3.15 in 2010
HFN U.S. Index: +1.00% in November, +8.73% in 2010

Fixed Income (FI) Strategies
All Fixed Income Strategies: +0.17% in November, +9.91% in 2010
Corporate Bond Strategies: +0.15% in November, +10.84% in 2010
Government Bond Strategies: +0.24% in November, +6.72% in 2010
HFN Distressed Index: +1.13% in November, +12.60% in 2010
HFN Mortgages Index: +1.88% in November, +21.42% in 2010
HFN Fixed Income Arbitrage Index: -0.07% in November, +9.66% in 2010

Equity (EQ) Strategies

All Equity Focused Strategies: +0.86% in November, +7.41% in 2010
HFN Long/Short Equity Index: +0.87% in November, +6.53% in 2010
HFN Market Neutral EQ Index: +0.79% in November, +3.60% in 2010
HFN Short Bias Index: -1.05% in November, -10.77% in 2010
HFN Energy Sector Index: +1.65% in November, +12.26% in 2010
HFN Healthcare Sector Index: -0.52% in November, +4.67% in 2010
HFN Technology Sector Index: -0.12% in November, +19.94% in 2010
Financials Equity Strategies: -0.29% in November, +1.26% in 2010
Natural Resource Equity Strategies: +2.55% in November, +12.17% in 2010
Real Estate Equity Strategies: -1.03% in November, +1.87% in 2010

Commodity and Foreign Exchange (FX) Related Strategies
Foreign Exchange Strategies: -1.20% in November, +3.34% in 2010
Financial Futures Strategies: -1.46% in November, -1.78% in 2010
Commodity (Non-FX) Strategies: -0.80% in November, +8.06% in 2010
HFN CTA/Managed Futures Index: -1.47% in November, +4.49% in 2010...Corporate website: Source
KM

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