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Scotia Capital Canadian Hedge Fund Performance Index finished October 2009 up 0.85% on an asset weighted basis and up 0.77% on an equal weighted basis

Tuesday, November 17, 2009
Opalesque Industry Updates - The index outperformed both the TSX Composite and the S&P500, as well as global hedge fund indices, on both an asset weighted and equal weighted basis.

Broader equity markets continued to rally into mid-October but ultimately sold off deeply as investor profit-taking drove a decline to negative month end results. The S&P 500 and the TSX both concluded their seven-month winning streaks. In the US, market participants were wary of the economic outlook and timing of the eventual withdrawal of monetary and fiscal stimuli. Positive earnings results and macro data points were thus unable to support equities through another month end.

In Canada, the reversal in equities was led by technology and financials, with all sectors posting October declines. Commodity equities also dipped as market participants took profits, despite strong advances in underlying commodity prices. Gold, notably, hit a record high mid-month, and energy-related commodities were top October performers against the backdrop of a USD sell off against most major currencies, not including the CAD. Canadian hedge fund managers posted muted aggregate October performance with few outliers. Selective stock-picking on both the long and short side continued to be an important performance contributor. Canadian managers also benefitted from long commodity themes, with mixed success from FX and fixed income trading.

Full performance chart: Source

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