The Credit Suisse Hedge Fund Index was up 1.31 per cent for the month of November as equities and event driven strategies performed increasingly well throughout this fall.

The Credit Suisse Hedge Fund Index was up 1.31 per cent for the month of November as equities and event driven strategies performed increasingly well throughout this fall.

However, broadly, the index was down compared to October’s 1.59 per cent, bringing the index to a year-to-date positive performance of 8.43 per cent.

The index covers 10 sub-strategies of which, neutral equity markets, long-short equities and event driven strategies performed the best, up  2.59 per cent, 1.85 per cent and 1.68 per cent respectively. Year to date, these assets have recorded an impressive 7.87 per cent, 15.65 per cent and 13.64 per cent in gains.

Hedge funds investing in emerging markets and multi-strategies also did well in November, with 1.08 per cent and 0.86 per cent gains - bringing year-to-date performance up by 7.44 per cent and 9.44 per cent respectively.

Fixed income and global macro funds pulled in positive results too - albeit, considerably less impressive than for the above-mentioned assets.

More importantly, convertible arbitrage funds were down -0.20 per cent compared to October’s 0.92 per cent, while managed futures dropped from 2.96 per cent to 2.09, resulting in a -2.66 per cent decline for this year to date. 

The biggest losses were to be found in dedicated short bias funds, which dropped a further -1.49 per cent in November, bringing the asset class to a whopping -24.36 decline for the year so far.

On the basis of these results, Zurich-headquartered Credit Suisse said that it had removed four funds from the index, including Everest Capital China Opportunity, FX Concepts Global Currency Program Fund, FX Concepts Multi Strategy Fund, and Titan Asia Volatility Fund.

The statement also added that there were no funds added to the index in November.