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Hedge funds notch up fourth consecutive month of negative returns in November

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The global hedge fund industry returned -0.31 per cent in November, bringing year-to-date returns to -2.81 per cent and marking the fourth consecutive month of negative industry returns, according to the just released eVestment November 2018 hedge fund performance data.

The negative 2018 YTD numbers are in stark contrast to the +8.96 per cent aggregate return the industry saw in 2017. And while almost all segments of the hedge fund industry put up positive results in 2017, The vast majority of fund types are negative so far this year.
Among primary hedge fund markets, Volatility/Options Strategies were the only funds to post positive returns in November, at +0.85 per cent. However, these funds are still negative YTD at -0.65 per cent. All other primary markets, meanhwile, were negative in November, with Commodities funds seeing the biggest losses for the month at -1.10 per cent.
Among primary strategies, Origination & Finance funds were among the few winners in November, returning +0.66 per cent, bringing their YTD returns to a healthy +4.80 per cent.
Relative Value Credit funds and Convertible Arbitrage funds also saw positive returns in November, although just barely for the latter at +0.02 per cent.
Market Neutral Equity funds were the big losers among primary strategies in November, with returns of -2.90 per cent for the month, bringing these funds’ YTD returns to -4.37 per cent.
India- and China-focussed funds put up surprisingly strong returns in November, compared to their more than lacklustre performance so far this year. India-focused funds returned +8.53 per cent in November and China-focused funds returned +4.10 per cent last month. However, these funds are still deeply in the red for the year, with India-focussed funds at -16.33 per cent YTD and China-focused funds at -13.25 per cent YTD. 

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