August Redux? Some hedge fund indices lower and some higher than infamous month from hell
| Dec 6th, 2007 | Filed under: Hedge Fund Industry Trends | By: Alpha Male |
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It’s quickly beginning to look like we’re in for another round of hedge fund industry disaster stories. Headlines have already begun to announce the death of hedge funds for the second time this year. Thankfully, the media can just dig August’s stories out of their recycling bins and do a quick “search and replace” this time – changing the month from “August” to ”November” and the hardest-hit strategy from “Market Neutral” to “Equity Hedge”.
Hedge Fund Research got the ball rolling earlier this week with a dismal month-end estimate from its investable index, the “HFRX”. Unlike the widely quoted HFRI, this index is valued daily since HFR has transparency into the holdings of its cadre of representative managers via managed accounts. Here’s what November looked like for those managers:
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[...] All About Alpha’s Chris Holt writes of November’s performance in hedge funds, which was terrible. “Headlines have already begun to announce the death of hedge funds for the second time this year,” he writes. “Thankfully, the media can just dig August’s stories out of their recycling bins and do a quick ’search and replace’ this time – changing the month from ‘August’ to ‘November’ and the hardest-hit strategy from ‘Market Neutral’ to ‘Equity Hedge’.” [...]
[...] Hedge fund indices in November, “There’s a performance story here for every angle, including this one: hedge funds outperformed the S&P by over 2% in November.” (All About Alpha) [...]