Hedge funds chalked up their best returns since January in November, with Citco's latest Monthly Hedge Fund Update revealing that funds administered by the firm generated a weighted average return of 3.35% for the month, according to a report by Forbes.

Equities funds led the way with a 5.1% gain for the month, twice as high as the next best performer – multi-strategy funds – which saw a 2.5% wighted average return.

In total, over 75% of the funds Citco administers saw positive returns, with fixed-income arbitrage funds up 2% for November, and all other strategies generating weighted-average returns of less than 1%.

Commodities funds were the worst performers, and the only strategy to see negative weighted average returns with a 0.4% decline over the month.