The November Hedge Fund Performance Report released by investment database and technology solutions firm eVestment indicates that the industry is well on its road to end the year on a positive note.
According to the report, the hedge fund industry is on pace to return 9% for 2013 due to its November activity which saw funds return about 1.1%. This is an increase from last month, when Atlanta-based eVestment’s October Hedge Fund Performance report stated that the industry is slated to return 8.6% for the year.
Event-driven strategies led the industry in November, returning 1.77%. Some of the better-performing approaches in the sector include activist, distressed and emerging markets, with particularly strong returns from funds targeting Argentina’s sovereign debt as the nation’s high-profile default processing continue in U.S. federal courts.
Managed futures strategies ended a five-month period of negative returns in November, posting a 1.11% gain—its second-highest month since January.
Developed markets produced a 1.58% return last month, while emerging markets had a down month losing .26% in November.
Founded in 2000, eVestment acquired hedge fund analysis provider Pertrac and cloud-based hedge fund technology provider Fundspire last year. It now offers one of the world’s largest traditional and alternative investment databases.