WEST PALM BEACH (HEDGECO.NET) -The new CSFB/Tremont hedge fund data shows that hedge funds gained 1.08% for the month of November, 2003. The long/short equity category was the best performer for the month with a gain of 1.70%.
Explaining the strong rise in long/short strategy, the president of CSFB/Tremont index, Mr. Oliver Schupp said, “The long/short equity funds took advantage of rising equity markets and returned 1.70% in November,” Mr. Schupp is the Co-Chief Executive Officer of Tremont Capital Management, Inc., he further explained the strength shown by the emerging market funds, he added, “But the emerging markets funds stole the show once again in the year-to-date calculations, now up 24.33%.” However the emerging markets gained 1.37% for the month of November. Details are provided in the chart below, courtesy of CSFB/Tremont index.
|
Category |
�Nov 2003 |
Oct 2003 |
YTD |
|
CSFB/Tremont Hedge Fund Index |
1.08% |
1.38% |
13.23% |
|
Convertible Arbitrage |
1.25% |
1.67% |
12.11% |
|
Dedicated Short Bias |
-1.89% |
-7.56% |
-29.80% |
|
Emerging Markets |
1.17% |
2.25% |
24.33% |
|
Equity Market Neutral |
0.33% |
0.67% |
6.08% |
|
Event Driven |
1.21% |
1.53% |
18.26% |
|
�� Distressed |
1.21% |
1.98% |
22.99% |
|
�� Event Driven Multi-Strategy |
1.34% |
1.10% |
15.69% |
|
�� Risk Arbitrage |
0.42$ |
1.21% |
7.90% |
|
Fixed Income Arbitrage |
0.52% |
0.46% |
7.11% |
|
Global Macro |
0.55% |
0.09% |
15.84% |
|
Long/Short Equity |
1.70% |
2.46% |
14.53% |
|
Managed Futures |
0.54% |
0.78% |
8.27% |
|
Multi-Strategy |
0.88% |
1.21% |
12.43% |
�������������� �CSFB/Tremont Index for Nov, 2003, Source: www.hedgeindex.com
�
Other strong performers for the month of November includes; event driven, convertible arbitrage, and event driven multi-strategy with gains of� 1.21%, 1.25, and 1.34% respectively, while distressed funds gained 1.21% for the same period. The biggest loser for the month is dedicated short bias strategy, with a loss of 1.89%.
�
Dow Jones industrial average by comparism gained 0.08% for the same month of Nov, while the MSCI World Index, NASDAQ Composite Index, and S&P 500 Index all showed strong advances as well, with gains of 1.55%, 1.45% and 0.88% respectively.
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The CSFB/Tremont Hedge Fund Index is constructed from 420 funds as of November 1, 2003, including both open and closed funds from the United States as well as other offshore jurisdictions.
Source: Paul Oranika
Editor-in-Chief Hedgeco.net
Paul is author of new book: Hedge Funds: Investment Vehicles for the global economy, what investors must know about them.� You can purchase the book through Amazon.com by clicking this link or by calling our office at 1-877-HEDGECO.
