NEW YORK (HedgeWorld.com)–Hedge funds in the MSCI Hedge Fund Index returned 0.7% in November, bringing year-to-date returns through November to 12.5%, according to preliminary data.
Four out of the five hedge fund “process groups” tracked by MSCI turned in positive performance, the exception being the MSCI Directional Trading Index. That index, which includes global macro and futures funds, returned negative 0.4% in November and 7.5% year-to-date through November.
The best performing MSCI process group during November and during the year was the MSCI Specialist Credit Index, which includes distressed funds, long/short credit funds and private placement funds. In November, the Specialist Credit Index returned 1.3%, and in the first 11 months of the year it returned 20.4%. MSCI revised the category’s preliminary October return to 1.9% from 1.8%.
The MSCI Security Selection Index also had a good November with a return of 1.1%, putting its year-to-date return at 16.5%. The Security Selection Index return for October was revised slightly to 2.7% from 2.6%. The Security Selection process group includes long/short equity, equity market neutral and short-biased funds.