Last year saw hedge fund returns getting back on track after the annus horribilis that was 2008. The InvestHedge Global Multi-Strategy median saw a 2009 gain of 11.39%, having clocked up a 0.76% return in December.
The returns for the fund of hedge funds industry are a welcome respite but were gained in an environment where there continued to be challenges for specific strategies and managers, given the liquidity driven, lower volatility environment.
Among the big funds, Aurora Global Opportunities led the pack, ending the year up 28.87% after returning 2.65% in December. The portfolio's strong performance was