NEW YORK (–Most hedge funds tracked by Dow Jones in its hedge fund strategy benchmarks saw gains in November.

Of the six strategies tracked by Dow Jones, five posted gains; the lone downer was convertible arbitrage, which fell 0.83% for the month. For the year they are down 5.66%.

The big gainers in November were long/short equity managers, who collectively returned 2.56%. Things have not gone so well for managers in that strategy during the rest of the year, as they are up just 1.99% year-to-date through November, according to Dow Jones.

Event-driven hedge funds earned 1.67% last month, giving that strategy a year-to-date return of 5.34%.

Merger arbitrage gained 0.61% in November, and is up 2.16% for the year.

Distressed strategies earned 0.53% and are up 5.5% so far in 2005.

Equity market neutral managers turned in one-month gains of 0.22% in November and have earned 1.41% for the year.

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