The first most significant development in the last quarter is that hedge funds are on their way to recovery. Hennessee, a U.S.-based hedge fund advisor, reported yesterday that it was up 1.7% in November (+22.4% YTD), underperforming the equity market's rally as the S&P 500 rose 5.3% (+20.8% YTD) and the Dow Jones Industrial Average increased 6.5% (+17.