12 Dec 2011
The HFN Hedge Fund Aggregate Index was down 0.54% in November 2011 and down 4.14% year to date (YTD). The data provider also said that many hedge funds are showing double digit negative performance YTD, according to early November estimates.
November remained volatile across all asset classes, eVestment|HFN report. The S&P 500 had 13 days with dislocations of greater than 100 bps, five of which showed greater than 200 bp moves. Commodity prices have been mostly lower, with the notable exceptions of WTI-crude and gold, and the US dollar again a haven among most major currencies.
The report shows that controlled downside appears to have been significant in investment choices, however with many funds showing YTD losses, there may be some attrition for the industry.
Early reporting funds indicate investor redemptions again slightly outpaced allocations in November. Should the trend hold as more funds report, net investors flows will have been negative for a third consecutive month and redemptions will have outpaced allocations for the fourth month in the last five. Total industry AUM is estimated at $2.484 trillion, a monthly decline of 0.20%, at the end of November 2011.
After a brief reversal in October, credit strategies (+0.21%) once again outperformed equity strategies (-1.20%) in November; credit strategies are up 3.15% and equity strategies are down 6.35% on a YTD basis. FX focused funds and macro strategies were generally flat with +0.03% and -0.05%, respectively, while CTA products produced average performance of +0.65%.
November remained volatile across all asset classes, eVestment|HFN report. The S&P 500 had 13 days with dislocations of greater than 100 bps, five of which showed greater than 200 bp moves. Commodity prices have been mostly lower, with the notable exceptions of WTI-crude and gold, and the US dollar again a haven among most major currencies.
The report shows that controlled downside appears to have been significant in investment choices, however with many funds showing YTD losses, there may be some attrition for the industry.
Early reporting funds indicate investor redemptions again slightly outpaced allocations in November. Should the trend hold as more funds report, net investors flows will have been negative for a third consecutive month and redemptions will have outpaced allocations for the fourth month in the last five. Total industry AUM is estimated at $2.484 trillion, a monthly decline of 0.20%, at the end of November 2011.
After a brief reversal in October, credit strategies (+0.21%) once again outperformed equity strategies (-1.20%) in November; credit strategies are up 3.15% and equity strategies are down 6.35% on a YTD basis. FX focused funds and macro strategies were generally flat with +0.03% and -0.05%, respectively, while CTA products produced average performance of +0.65%.
