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Eurekahedge Index Flash - December 2010

Eurekahedge Index Flash - December 2010

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Published by: Eurekahedge on Feb 08, 2011
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02/08/2011

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Index Flash
Hedge funds up 0.55% in November
1
 
December 2010
 
Main Indices
 The Eurekahedge Hedge Fund Index was up 0.55%
1
in November 2010,with hedge funds recording flat to positive returns for the month acrossthe board. Hedge funds outperformed the underlying markets by 2.90%as the MSCI Word Index
2
dropped 2.35%.Below are the key highlights for November:
 
Early reporting funds indicate that US$5 billion went into theindustry in November.
 
Japanese hedge funds have outperformed the Topix by almost9% YTD November.
 
Distressed debt hedge funds were the top performing strategicmandate for the past two years, having gained almost 60% overthis period.
 
Asia ex-Japan funds have witnessed six months of back-to-backpositive returns, up 12.50%.
Table 1: Main Indices
Index Nov 2010Est
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 2010 YTDReturns 2009Returns Eurekahedge Hedge Fund Index 0.55 7.90 19.76Eurekahedge Fund of Funds Index 0.12 2.77 9.38Eurekahedge Long-Only AbsoluteReturn Fund Index0.64 11.31 47.28Eurekahedge UCITS Hedge FundIndex0.55 5.21 18.72
Regional Indices
 Managers investing in Japan posted excellent returns and healthy fundinflows amid a strong market rally. The Eurekahedge Japan Hedge FundIndex, boosted by the index majority of Japanese long/short equityhedge funds that maintained a net long bias position throughoutNovember, rose 2.42% in the month. Japanese managers have beenparticularly adept at navigating through the volatile equity markets thisyear – the Eurekahedge Japanese Long/Short Equity Index is up 2.48%YTD November while the Topix is down 5.14% over the same period.North American investing hedge funds also delivered noteworthy gains
 
Index Flash
Hedge funds up 0.55% in November
2
 
for the month through their exposure to small-cap US stocks and the USdollar. Standing as one of the top two best performing North Americanstrategic mandates for November, long/short equity managers raked ingains to the tune of 1.89% while the S&P 500 Index finished the monthlower by 0.23%.Most other Eurekahedge regional mandates ended the month in positiveterritory, beating their respective underlying markets (as tracked byMSCI indices). Despite mounting concerns over the fiscal health of someEU members and their impact on the euro, the Eurekahedge EuropeanHedge Fund Index witnessed a gain of 0.37% as portfolio managers usedhedging techniques to protect early month gains. A higher Russian equityindex return for November also helped Eastern European hedge fundsgenerate an average profit of 1.72% as they maintained net longexposures.
Table 2: Regional Indices
Index Nov 2010Est
1
 2010 YTDReturns 2009Returns Eurekahedge North American HedgeFund Index0.98 10.06 23.34Eurekahedge European Hedge FundIndex0.37 6.07 20.26Eurekahedge Eastern Europe & RussiaHedge Fund Index1.72 12.29 59.73Eurekahedge Japan Hedge FundIndex2.42 3.59 6.58Eurekahedge Emerging MarketsHedge Fund Index-0.138.79 35.81Eurekahedge Asia ex-Japan HedgeFund Index0.18 9.09 38.19Eurekahedge Latin American HedgeFund Index0.51 8.70 28.68
Strategy Indices
 Most strategic mandates delivered positive returns for November, withevent driven hedge funds standing out as the best performers. Increasedcorporate activity in 2010 has helped event driven managers to registerexcellent returns throughout the year, with the Eurekahedge EventDriven Hedge Fund Index up 12.24% YTD November. Long/short equityand multi-strategy funds were also up for the month, with their NAV’srising 1.25% and 1.27%, respectively, as managers successfullyexploited the volatile market conditions and locked in gains from both thelong and short side. Distressed debt funds also continued their upwardmovement – the Eurekahedge Distressed Debt Hedge Fund Index’sNovember return of 1.02% led the Merrill Lynch High Yield Index by2.14%, even against the backdrop of a higher month-on-month defaultrate. The YTD November return of distressed debt funds stands at a hefty19.53%.
Table 3: Strategy Indices
Index Nov 2010Est
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 2010 YTDReturns 2009Returns Eurekahedge Arbitrage Hedge FundIndex-0.116.93 21.68Eurekahedge CTA/Managed FuturesHedge Fund Index-0.727.18 3.22Eurekahedge Distressed Debt Hedge 1.02 19.53 32.89

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