Only one of the six strategies covered by Dow Jones Hedge Fund Indexes posted net-of-fees gains in November, mirroring the monthly performance in August – the only other month this year when five strategies lost ground.
Equity market neutral was the best performer and only strategy with a positive return, gaining only 0.34% for the month. In August it was merger arbitrage that came in with a gain of 0.44%.
The other strategies fell, but losses were contained to less than 2.5% for distressed securities and equity long/short; less than 2% for merger arbitrage and event driven; and less than 1% for convertible arbitrage.
On a year-to-date basis, equity long/short and merger arbitrage are leading the six strategies with gains of 18.05% and 16.54%, respectively.