"Long-biased strategies outperformed in November, benefitting from strong equity markets, with notable performance from the Telecommunications Services, Consumer Staples, Consumer Discretionary, and Financials sectors. Value-oriented strategies outperformed growth oriented strategies, and domestic equity strategies outperformed managers focused on emerging and European markets," said Jason Schwarz, President of Wilshire Funds Management and Wilshire Analytics.

Multi-Strategy

• The Wilshire Liquid Alternative Multi-Strategy IndexSM, which includes both single and multi-manager funds, returned 0.44% in November.

• The Wilshire Liquid Alternative Global Macro IndexSM ended the month up 0.38% outperforming the -0.15% return of the HFRX Macro/CTA Index.
• CTAs, discretionary macro managers and currency managers all contributed positively this month, with the largest contribution coming from CTAs.
• U.S. equities were the sole consistent outperformer across managers, while all other asset classes and geographies had mixed performance depending on the length of managers' signals.

Relative Value

• The Wilshire Liquid Alternative Relative Value IndexSM ended the month down -0.06%, outperforming the -0.25% return of the HFRX Relative Value Arbitrage Index.
• Credit and multi-strategy managers contributed 7 basis points and 6 basis points, respectively, while convertible arbitrage strategies also contributed positively for the month.
• Volatility strategies detracted significantly this month as volatility continued to be subdued.
• Investment grade and high yield credit spreads remained relatively flat, while U.S. Treasury yields widened slightly from 2.38% to 2.41%.

Equity Hedge

• The Wilshire Liquid Alternative Equity Hedge IndexSM ended the month up 0.97%, outperforming the 0.87% return of the HFRX Equity Hedge Index.
• Long-biased managers contributed 92 basis points of return.
• Rising equity markets benefited long-biased strategies, with broad-based contributions from the Telecommunications Services, Consumer Staples, Consumer Discretionary and Financials sectors.
• Domestic equity managers outperformed managers focused on emerging and European markets.
• Value-oriented strategies outperformed growth-focused equity strategies.

Event Driven

• The Wilshire Liquid Alternative Event Driven IndexSM ended the month down -0.48%, underperforming the -0.35% return of the HFRX Event Driven Index.
• Credit strategies detracted 12 basis points of return, merger arbitrage strategies detracted 33 basis points, and multi-strategy event funds detracted 6 basis points this month.
• Special situation equities and merger arbitrage strategies experienced losses in November as several larger transactions experienced hostile bidders as well as regulatory concerns.