FOR IMMEDIATE RELEASE
Hedge Funds Gain 1.89% in November
89% of Reporting Funds Profitable
FAIRFIELD, Iowa, December 11, 2006 - The Barclay Hedge Fund Index gained 1.89% in November, and is up 10.75% for the year. The Index tracks performance of more than 2800 single-manager hedge funds.
November was a good month for most hedge funds, as 89% of funds reporting to Barclay were profitable.
"For the fourth month in a row, increasing equity prices set the stage for hedge fund profits in most strategies," said Sol Waksman, founder and president of The Barclay Group.
"The decline in US interest rates not only helped support domestic equity prices, but also drove yield-hungry investors to bid up prices of distressed and high yield bonds."
Only the Equity Short Bias Index fell, down 2.95% in November and 6.70% for the year.
"The past four months have been difficult for short-sellers. It's hard to make money on the short side when the broad market is in rally mode."
Year-to-date, the Barclay Emerging Markets Index has gained 17.81%, Healthcare and Biotechnology is up 14.12%, and Equity Long Bias has gained 13.23%.
"All of the MSCI regional emerging market indices measured gains in November," says Waksman. "Only a handful of countries-Columbia, Jordon, Morocco, Pakistan and Turkey-experienced equity market declines."
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The Barclay Group, founded in 1985, actively tracks more than 5,900 hedge funds and managed futures programs. Barclay has created and regularly updates 18 proprietary hedge fund indexes and eight managed futures indexes.
Institutional investors, brokerage firms and private banks worldwide utilize Barclay's indexes as performance benchmarks for the hedge fund and managed futures industries.