Hedge funds in November rebounded from a two-month decline, posting a 1.1% return, according to a report by eVestment.
Year-to-date aggregate returns stand at 2.9%, compared with 14% for the S&P 500, and well below the 10.2% hedge funds returned in 2013.
November’s biggest winner was managed futures, up 3.4%, followed closely by activist funds, up 3.3%. Both strategies got a boost from rebounding U.S. equity markets and strong moves in currency and interest rate markets, eVestment said.
Credit and commodity-focused strategies both reported declines, down 0.2% and 0.3%, respectively.
The biggest losers in November were funds focused on the energy sector, down 6%, and on Brazil, down 4.4%.
Managed futures’ current four-month winning streak is this group’s best stretch since the four months ended December 2010. Year to date, the strategy is up 6.9%.
Managed futures funds with more than $1 billion under management have led the recent run, according to eVestment. With an 11.9% year-to-date return through November, the $1 billion-plus group is on pace for an outstanding year.
Virtually all of managed futures’ 2014 gains have been made since the beginning of August, which corresponds with the onset of the U.S. dollar’s strong moves against the euro and the yen.