The fund of hedge funds industry regained its performance crown in 2009, ending the year up 9.21%, according to the InvestHedge Fund of Hedge Funds Composite, albeit on a much smaller asset base.
The month of December itself was up 0.65% on average, with the Global Multi-Strategy median up 0.76%, taking the year-to-date global multi-strategy returns to a healthy 11.39%.
Most of the equity markets rallied, giving the December equity composites a boost. The Global Equity median was up 1.13% for December and 10.89% for the full year, largely boosted by the performance of individual managers in markets such as the US and Europe.
US equity funds of hedge funds had a great month, up 1.41% with a year-to-date return of 12.36%, according to the InvestHedge US equity medians. European equity funds of funds were the equity laggards, up 0.88% with year-end performance up...