Hedge funds surge ahead in December
Hedge funds grew by just over 3 per cent in December, according to preliminary figures from the Dow Jones Credit Suisse Hedge Fund Index.
The index lost 0.18 per cent in November but is expected to finish up 11.07 per cent for the 2010 calendar year overall, according to Credit Suisse.
Overall, nine out of 10 sectors finished the month in positive territory while only dedicated short bias lost ground, down nearly 6 per cent for December.
The event-driven sector was the strongest performer, with the biggest gains seen in the distressed and multi-strategy sub-indices, which were up 2.34 per cent and 5.27 per cent respectively, Credit Suisse stated.
Global macro also performed strongly, finishing up 2.75 per cent for the month, with managers profiting from shorting the US dollar against emerging market currencies. Managed futures reversed significant November losses of more than 4 per cent, gaining 5.5 per cent, largely driven by gains from short-term models capturing strong momentum in equities and commodities, according to Credit Suisse.
Figures are based on 88 per cent of assets included on the index, with final performance figures for the month to be published on 18 January, Credit Suisse stated.
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