Hedge funds gained 0.9% through a turbulent period for markets in November, leaving them well on course for a banner performance year.
According to Citco, the average hedge fund is now up 19% in the first 11 months. Event-driven stood out in November with a weighted average return of 2.6%, followed by global macro (1.9%) and equity (1.2%).
None of the major strategy groups lost ground, representing fair progress in a month of stock market turbulence which also featured the worst week for tech stocks since April.
Two-thirds of the industry’s fund advanced. Strong inflows continued, adding a net $11.8bn to the industry. Inflows have added a net $73.9bn to hedge funds in the first 11 months, about three-quarters of which into multi-strategy.