NEW YORK (HedgeWorld.com)–The S&P Hedge Fund Index returned 0.48% in November and is up 9.56% during the year through November.
None of the S&P subcategory hedge fund indexes performed particularly well during the month, with the S&P Arbitrage Index performing the best. The arbitrage index returned 0.64% in November and is barely positive for the year with a return of 1.65%.
The Arbitrage Index includes equity market neutral, fixed-income arb and convertible arb approaches. One of the arbitrage index component managers, the Clinton Group, was removed from the index in November because its arbitrage strategy had been closed and because of “recent events,” according to a statement from S&P Previous HedgeWorld Story.
The S&P Event-Driven Index returned 0.5% in November, nudging its year-to-date return to 14.63%. The Event-Driven Index is composed of merger arbitrage, distressed and special situations accounts.