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December 19, 2005 at 07:00 PM
NEW YORK (HedgeWorld.com)–After a frightful October, hedge funds seem to be limping back to positive territory, gaining 0.07% in November in the S&P Hedge Fund Index.
Still, hedge funds for the most part are made a poor showing compared with the Standard & Poor’s 500 stock index, which was up 3.52% for the same time period.
Managed futures managers, on the other hand, returned 4.19% and seem to have had the best time of all last month with currency plays and long metals exposure. Thanks to long positions in the U.S. dollar vs. European and Asian currencies, managed futures firms did well, but for the year through Nov. 30 the strategy is still down 2.56%, according to Standard and Poor’s.
For the first eleven months of 2005, equity long/short managers remain on top, with gains of 6.71%. The S&P Equity Long/Short Index was up 2.48% last month, benefiting from an equity rebound, officials said.
“After the sharp sell-off in October, most markets not only recouped their losses but also reached all-time highs on the heels of supportive economic and corporate data,” said Charles Davidson, senior hedge fund specialist at Standard & Poor’s, in a statement.
