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Lyster Watson Credit Fixed Income Index up +0.10% in November (+2.57% YTD)

Monday, December 19, 2011
Opalesque Industry Update - November was another poor month for hedge funds. With fewer than 1/3 of all funds reporting their November results by the middle of December, only Volatility Arbitrage, a poor performer for most of the year, appears to have posted a solid gain. Long/Short EM Equity plummeted over 4% along with EM equity markets. Other regional Long/Short Equity managers posted smaller losses proportional to their own equity markets’ performances. November’s failure to continue October’s positive returns has left most funds with YTD losses greater than any gains they might reasonably hope to show for December, so hedge funds as a whole will be happy to leave 2011 behind.

The small magnitude of returns unaffected by EM equities in November indicates that managers continue to limit their net exposure across almost all strategies. This suggests that hedge funds may continue to post only modest gains or losses until equity volatility subsides, an event that may not occur until the European Community resolves its current problems in a way that investors find credible. If this pattern persists, the slow rate at which managers report their monthly results may become an indication of a permanent reduction in the number of hedge funds. Full press release and performance table: Source
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