The Greenwich Global Hedge Fund Index is up +10.53 per cent year-to-date despite falling -1.61 per cent in November and continues to outpace equities for the month and year.
The Greenwich Global Hedge Fund Index is up +10.53 per cent year-to-date despite falling -1.61 per cent in November and continues to outpace equities for the month and year. All four equity indices were down by more than 4 per cent in November: the S&P 500, MSCI World Equity, and FTSE 100 Indices posted -4.18 per cent (+6.23 per cent YTD), -4.24 per cent (+7.97 per cent YTD), and -4.30 per cent (+3.41 per cent YTD), respectively.
‘Hedge funds’ performance, which was less severe than that felt by the equity markets, highlights their unique ability to limit the downside,’ says Ben Rossman, senior vice president, Greenwich Alternative Investments.
The Directional Trading Group, buoyed by futures strategies’ positive performance, fell slightly by -0.12 per cent, up +9.38 per cent YTD. The Market Neutral Group dropped -1.15 per cent but is +7.74 per cent for the year. The Specialty Strategies Group, affected by weak emerging market manager performance (down -2.79 per cent in November), returned -1.94 per cent and remains up +16.46 per cent YTD. The Long-Short Equity Group returned -2.34 per cent (+10.78 per cent YTD) despite the rally of +7.14 per cent for dedicated short sellers.
The November Index currently includes 1,325 funds. Final November results will be posted in early January, once additional funds have submitted returns.
The Greenwich Composite Investable Index declined by 1.99 per cent in November but is up 3.98 per cent year-to-date. The Greenwich Investable Index, with 49 constituent funds, adds investability and liquidity to the diversification and performance benefits of the broad Global Hedge Fund Index.
The investible index references actual hedge funds as opposed to separately managed accounts or synthetically replicated performance. The Investable Index has a correlation of .93 and beta of 0.93 to the Global Hedge Fund Index and is reported monthly net of a 0.04 per cent Index calculation fee.
