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Equities and multi-strat funds lead November hedge fund gains

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Most hedge funds continued their recovery in November, with equity and multi-strategy funds leading the way as the overall weighted average return for funds administered by Citco reached a total of 2.9% for the month.

Most hedge funds continued their recovery in November, with equity and multi-strategy funds leading the way as the overall weighted average return for funds administered by Citco reached a total of 2.9% for the month.

Over two-thirds (69%) of the the funds administered by the firm were positive for the the month, a slight increase on the 67% that finished October in the black.

While equities hedge funds have largely struggled throughout the year, they were the top performing strategy in November with a weighted average return of 3.6% and a median return of 2.7%. 

Multi-strategy funds took second spot on a weighted-average-return basis with 3.1%. A big divergence based on fund size though, showed that larger multi-strats significantly outperformed their smaller peers with multi-strategy funds remaining flat on a median basis.

Fixed-income arbitrage and global macro funds generated returns on a weighted-average basis of 1.9% and 1.8% respectively. But while fixed-income-arbitrage funds had a much smaller divergence by fund size, with a median return of 1.4%, a median return of -0.1% for macro funds indicates that larger funds significantly outperformed their smaller counterparts.

Only commodities and event-driven funds ended November in negative territory on a weighted-average basis with returns of -2.4% and -0.5%, respectively, with smaller funds following both strategies outperforming their larger peers, as indicated by median returns of 0.2% for both.

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