Global hedge funds barely positive in November: report

NEW YORK (BestGrowthStock) – Global hedge funds eked out tiny gains in November but outpaced the broader stock market indexes as fears about the U.S. economy and Europe’s debt crisis impacted trading, data released on Tuesday show

The average hedge fund inched up 0.2 percent last month after gaining 1.95 percent in October, preliminary data from Hennessee Group show.

Hennessee and other groups that track hedge fund flows and performance are expected to release final November performance numbers in coming days. Hedge funds, unlike mutual funds, are not required to release their performance numbers, but some managers report them to tracking firms.

“Hedge funds were slightly positive (in November) while traditional markets declined amid renewed European debt fears,” said Charles Gradante, co-founder of Hennessee Group.

“In general, hedge fund managers feel frustrated with their performance as they have not been able to capitalize on moves within what has been a range-bound market. Many managers have commented that the 2010 year is shaping up to be a macro event-driven market, leaving few opportunities to profit on fundamentals.”

In November, the Standard & Poor’s 500 index slipped 0.2 percent while the Dow Jones Industrial Average lost 1.0 percent.

(Reporting by Svea Herbst-Bayliss; editing by John Wallace)

Global hedge funds barely positive in November: report