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December 22, 2003 at 07:00 PM
NEW YORK (HedgeWorld.com)–The CSFB/Tremont Hedge Fund Index returned 1.08% in November and 13.23% year-to-date through November.
Long/short equity hedge funds performed best during the month with a return of 1.7%. Year-to-date through November, long/short equity funds returned 14.53%.
The November returns for long/short funds beat U.S. equity market indexes, such as the Standard & Poor’s 500 stock index, which returned 0.88%, and the Dow Jones industrial average, which returned 0.08%, according to a statement from Credit Suisse First Boston Tremont* Index LLC, which publishes the CSFB/Tremont Hedge Fund Index. For the year so far, though, those indexes still are ahead, with the S&P 500 posting a return of 22.27% and the Dow returning 19.85%.
Convertible arbitrage funds also performed well in November, returning 1.25%, bringing its year-to-date return to 12.11%.
Event-driven hedge funds together returned 1.21% in November and 18.26% in the first 11 months of the year. Within that group, multi-strategy event-driven funds returned 1.34% and 15.69%, respectively. Distressed funds returned 1.21% in November and 22.99% year-to-date. Risk arbitrage, also known as merger arb, returned 0.42% in November and 7.9% year-to-date.
Emerging markets funds returned 1.17% in November and are the big winners this year with a collective year-to-date return of 24.33%.
Multi-strategy hedge funds returned 0.88% in November and 12.43% in the year-to-date period through November.
Global macro funds, earlier very strong performers, have been reporting relatively weaker returns lately. In November, global macro funds returned 0.55% and are up 15.84% year-to-date.
Managed futures funds returned 0.54% and 8.27% in the same respective periods. And fixed-income arb funds returned 0.52% in November and 7.11% year-to-date, while equity market neutral funds returned 0.33% and 6.08%, respectively.
Amid the rallying stock market, short-biased funds continued to perform terribly. In November, short-biased funds returned negative 1.89% and year-to-date returned negative 29.8%.
