HFR Releases UCITS-Compliant November Performance Updates
Global financial markets were mixed in November as the US economy accelerated, driving an acceleration in M&A activity despite continued geopolitical threats from North Korea. US equities gained led by large cap, Semiconductor and Telecom sectors, with new transactions in the rapidly changing Media, Retail and Technology sectors. European equities declined led by France, Spain & the UK, while Asian equities were mixed with gains in Japan and Australia offset by declines in China & Emerging Asia. US interest rates declined as the US Dollar fell against most currencies, declining against the Euro, Swiss Franc, British Pound, Japanese Yen & Korean Won. Oil & Natural Gas led commodity gains, with additional gains from Platinum & Cotton. UCITS compliant Hedge funds posted declines for November with the HFRU Hedge Fund Composite Index declining -0.19%.
HFRU Relative Value Arbitrage Index was unchanged for November from declines in Convertible strategies and mixed performance in European Global Credit and Volatility managers.
HFRU Macro Index posted a decline of -0.10% for November from gains in systematic trend-following mangers which were offset by declines in Global Discretionary and Currency strategies and mixed performance in Commodity managers.
HFRU Equity Hedge Index posted a decline of -0.29% for November from gains in exposure to China and Japan which were offset by declines from the Middle East and Latin America equities while European strategies were mixed.
HFRU Event Driven posted a decline of -0.47% for November from declines in Merger Arbitrage, Global Special Situations equity and Distressed/Restructuring strategies.