Hedge funds enjoyed stellar performance in November, posting the strongest returns seen since January, with an overall average weighted return of 3.3%, according to new data from $1.8tn global alternative investment asset servicer Citco.

Equities funds were the standout strategy type, with a weighted average return of 5.1%, followed by Multi-Strategy funds at 2.5% and Fixed Income Arbitrage funds at 2%.

Only Commodities funds remained in negative territory, with a weighted average return of -0.4%, as the tough year for resources-focused strategies continued.

On an AUA basis, all strategies posted positive returns, with funds with between $200m and $500m of assets the top performers, achieving the highest weighted average return of 3.9%.

More than three quarters (76.8%) of funds achieved a positive return in November, a big reversal from October’s figure of 36.4%.

Meanwhile, Capital flows picked up marginally in October, with net outflows of $2.9bn.