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Bailey McCann, Opalesque New York:

Hedge fund performance bounced back slightly in November ending two straight months of declines according to the latest hedge fund performance data from eVestment. Aggregate hedge fund performance was positive 1.08% in November, year-to-date aggregate returns of 2.85% are well below 2013's full-year increase of 10.20%.

The recent strong dollar run has been a huge benefit to managed futures funds as the segment has risen nearly 11% since July and the managed futures universe is the leading major hedge fund strategy in 2014. This rise is also notable as only recently have managed futures funds shown positive performance, and in turn, are starting to see renewed investor interest following months of outflows and negative returns.

Activist hedge funds posted gains in November, beating the S&P 500 and resuming their position among the leader of the industry in 2014. According to the report, in November, activist funds erased nearly all their aggregate losses from the prior two months. Returns of 3.25% lifted YTD performance to 6.51%.

On the downside, Credit strategies posted their fifth consecutive month of losses. "Similar to large managed futures strategies, the group’s current trend can also be traced back to the start of the strong USD. Since then, losses in high yield and European markets have hurt directional credit strategies which have declined over 2% and distressed funds which are down nearly 4% since July," Peter ......................

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