Only one of the six strategies covered by Dow Jones Hedge Fund Indexes posted net-of-fees gains in November, mirroring the monthly performance in August – the only other month this year wh
Only one of the six strategies covered by Dow Jones Hedge Fund Indexes posted net-of-fees gains in November, mirroring the monthly performance in August – the only other month this year when five strategies lost ground.
Equity market neutral was the best performer and only strategy with a positive return, gaining only 0.34% for the month (in August it was merger arbitrage that came in with a gain of 0.44%).
The other strategies fell, but losses were contained to less than 2.5% for distressed securities and equity long/short; less than 2% for merger arbitrage and event driven; and less than 1% for convertible arbitrage.
On a YTD basis, equity long/short and merger arbitrage are leading the six strategies with gains of 18.05% and 16.54%, respectively.
On a float-adjusted basis, the Dow Jones Wilshire 5000, the only broad measure of the domestic equity market, lost 4.45% (4.53% on a full-cap basis) in November decreasing its YTD return to 6.27% (6.37% on a full-cap basis).
The fixed income asset class, as measured by the Dow Jones Corporate Bond Index was up 0.65% this month and its cumulative return is up 4.75% for the year.
Finally, the Dow Jones Wilshire Global Index, the broadest measure of global equity markets, lost 4.57% for the month decreasing its YTD performance to 13.13% for 2007.
Note: November 2007 figures for the Dow Jones Hedge Fund Strategy Benchmarks are based on daily estimates net of fees. Final performance figures for November 2007 will be available towards the end of December 2007.
