Stamford, CT, USA, December 8, 2011 – Hedge funds as measured by the Greenwich Global Hedge Fund Index (“GGHFI”) posted losses in November, losing ground during the latter half of the month on weak fundamentals in European markets.  The GGHFI shed 1.05% compared to global equity returns in the S&P 500 Total Return (-0.22%), MSCI World Equity (-2.69%), and FTSE 100 (-0.70%) equity indices.  39% of constituent funds in the GGHFI ended the month with gains.

“European headlines continue to dictate the mood of global markets and cause increased volatility in equities.  Hedge fund managers have decreased leverage and exposure to mitigate market risk but are still exposed to broader moves,” notes Clint Binkley, Senior Vice President. 

Hedge Fund Strategy Highlights

 

• Directional Trading funds lead hedge fund strategies, advancing 0.17% on average
• Market Neutral Funds move sideways, losing 0.35%.  Equity Market Neutral funds are best performers in the group, gaining 5 bps.
• Long-Short Equity funds trail other averages, falling 2.40%
• Developed market funds show substantially better returns than Emerging market managers; Composite Regional Indices post returns of -0.55% and -4.53%, respectively

 

 

Strategy Group Summary					Nov Return		YTD Return
Greenwich Global Hedge Fund Index					-1.05%		-4.08%
Market Neutral Group					-0.35%		-1.49%
	Equity Market Neutral				0.05%		-2.86%
	Event Driven				-0.75%		-2.39%
		Distressed Securities			-2.17%		-3.41%
		Merger Arbitrage			0.20%		2.10%
		Several Strategies			-0.68%		-3.64%
	Arbitrage				-0.28%		0.02%
		Convertible Arbitrage			-0.25%		-0.41%
		Fixed Income Arbitrage			-1.15%		2.22%
		Other Arbitrage			1.94%		-0.31%
Long-Short Equity Group					-2.40%		-7.98%
	Growth				-3.55%		-10.00%
	Opportunistic				-2.08%		-7.36%
	Short-Biased				1.04%		0.41%
	Value				-1.93%		-7.34%
Directional Trading Group					0.17%		-1.89%
	Futures				0.22%		-2.72%
	Macro				0.04%		-0.35%
Specialty Strategies Group					-0.77%		-0.61%
	Long-Short Credit				0.37%		4.47%
	Multi-Strategy				-1.32%		-3.70%

 

 

Greenwich Regional Hedge Fund Indices				Nov Return	YTD Return
Developed Markets
	Composite			-0.55%	-2.84%
	Global			-0.55%	-3.26%
	Asia			-2.51%	-7.29%
	Europe			-1.09%	-5.57%
	North America			0.01%	-0.83%
Emerging Markets
	Composite			-4.53%	-13.01%
	Emerging Markets Global			-2.78%	-6.12%
	Emerging Markets Asia			-4.58%	-15.72%
	Emerging Markets Europe			-4.83%	-19.09%
	Emerging Markets Latin America/SA			-6.63%	-10.30%

 

 

The GGHFI is one of the oldest benchmarks of the hedge fund universe.  Final Strategy and Regional index results for November will be available in early January, once additional funds have submitted returns.  Past performance and indices construction rules for all Greenwich Hedge Fund Indices may be viewed at www.greenwichai.com.

 

 

About Greenwich Alternative Investments

Greenwich Alternative Investments, LLC (and its affiliates) is a leading alternative investment firm providing hedge fund indices, industry research, and index-linked products and services to institutional investors worldwide.

 

 

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www.greenwichai.com