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Eurekahedge December 2010 Hedge Fund Performance Commentary - Abridged

Eurekahedge December 2010 Hedge Fund Performance Commentary - Abridged

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Published by Eurekahedge
The Eurekahedge Hedge Fund Index was up 0.40% in November, making it the fifth consecutive month of positive returns. Event driven and long/short equity were the top performing strategies in a month that witnessed mixed returns across different strategic mandates.
The Eurekahedge Hedge Fund Index was up 0.40% in November, making it the fifth consecutive month of positive returns. Event driven and long/short equity were the top performing strategies in a month that witnessed mixed returns across different strategic mandates.

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Published by: Eurekahedge on Feb 07, 2011
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02/07/2011

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 | 
December 2010
 
www.
eurekahedge
.
com
December 2010 Hedge Fund Performance Commentary
Eurekahedge
I
ntroduction
Hedge funds were up for the fifth consecutive month as managers outperformed the underlyingmarkets in November. The composite
Eurekahedge Hedge Fund Index 
returned 0.40%
1
in the month,bringing its year-to-date return to a healthy 7.72%. In contrast, the MSCI World Index
2
fell 2.35%during a month of high volatility and sudden trend reversals, with its YTD November figure falling to2.15%Returns across most regional hedge fund mandates were muted, with the exception of Japanesemanagers who reported gains of 2.57%. Positive movements in the Japanese markets providedmanagers with ample opportunities to lock in substantial gains. The Nikkei 225 rose above 10,000points for the first time since June, finishing the month with impressive gains of 7.98%, while the Topixended the month 6.17% higher. Monetary easing announcements from the US Federal Reserveprovided early momentum to the Japanese markets, which was sustained by a depreciatingyen.However, the Korean situation and renewed concerns over the European sovereign debt issuesdampened the rally near month's-end. All other major regional hedge fund mandates delivered positive, albeit marginal returns. The
Eurekahedge North American Hedge Fund Index 
was prominent in its outperformance to theunderlying markets, delivering 0.75% in November and beating the S&P 500 by 0.98%. Europeanhedge funds provided the best downturn protection during the month, up 0.39% compared with a7.81% drop in the MSCI Europe Index
3
. Most of the regional markets finished the month in negativeterritory due to renewed fears of the European sovereign debt contagion. Hedge funds focused onemerging Asia and Latin America also delivered significant downside protection
 
the
Eurekahedge Asia ex-Japan Hedge Fund Index 
was up 0.46% in November while the
Eurekahedge Latin AmericanHedge Fund Index 
posted returns of 0.25%.
Figure 1: October and November 2010 Returns
Year-to-date November, North American hedge funds edged ahead of the pack with three months of back-to-back positive returns. The
Eurekahedge North American Hedge Fund Index 
now stands at astrong 9.85% YTD November, on track to post...
1
Based on 64.51% of funds which have reported November 2010 as of 15 December 2010.
2
MSCI The World Index Free Standard Core ± USD
3
MSCI Europe Standard Core ± USD
 

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