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December 7, 2005
Hedge funds back on their feet in Nov
For the second straight year, November appears to be helping salvage hedge fund returns. After a disastrous October, last month saw healthy growth in most strategies – just like Nov. 2004 – except convertible arbitrage, according to Merrill Lynch. The average overall return for the month was only slightly above 1%, but some individual strategies sparkled. Merrill reports managed futures up 5.83%, while French business school Edhec posted 6.43% for the strategy. Sol Waksman of The Barclay Group told CNN that the strengthening dollar and soaring prices for precious and industrial metals propelled managed futures. Equity long/short funds – thanks to a big boost in the S&P500 – and macros were also well in the 2% range. Robert Schulman, ceo of Tremont Capital Management said in a Financial Times interview that greater volatility and higher interest rates saved the day.
-Institutional Investor Daily-
Posted by su at December 7, 2005 4:31 PM