Hedge fund performance rallied by 2.4% in November 2024, following a down month in October, according to the latest Monthly Hedge Fund Update from Citco, achieving an overall weighted average return of 13.3% in 2024 to date.
Equity strategy funds led November’s performance with a weighted average return of 3.4%, followed by global macro strategy funds at 2.6% and multi-strategy funds at 2%. Only event-driven funds were negative, posting a return of -0.4%.
Returns across asset categories turned positive, with a weighted average of 2.4%. Larger funds outperformed, with those managing over $3bn returning 2.6%, and funds in the $1bn to $3bn range returning 2.5%.
Positive performance was widespread, with 76.8% of funds posting gains, a notable improvement from around half in the previous month. Rate of return spread showed greater disparity as difference between 90th and 10th percentile fund returns widened to 9.5%, from 8.2% in October.
Hedge funds recorded net inflows of $0.5bn in November, driven by strong subscriptions of $8.6bn against $8.1bn in redemptions.
Treasury payment volumes eased from October’s record high, with 49,371 payments in November, down from over 55,000 the prior month.
Regionally, Europe and Asia saw net inflows of $0.8bn and $0.1bn, respectively, while the Americas experienced a net outflow of $0.4bn.
