European hedge funds emerged unscathed for the most part
from a highly volatile month in the markets in November, with
the EuroHedge Composite index showing a flat return of 0.1% on
a median basis and 0.09% on a mean average basis.
The major exception was in managed futures, where many of
the big CTA systematic trading groups suffered substantial
setbacks as markets were roiled again by the worsening Eurozone
sovereign debt crisis.
Managed futures funds were down by 2.26% on a median basis,
with some of the biggest CTAs faring far worse. Man AHL
Diversified, for instance, was down by 8.11% on the month
– halving its YTD return to 8.6% to the end of
But early evidence suggest that most of the big CTAs are
bouncing back again in December’s more buoyant
market conditions – with several of...