November was a strong month for hedge funds, as it was the best since January. The HFRI Fund Weighted Composite Index was up 2.2% in the month, while the HFRI 500 Equity Hedge Index climbed 4.3% in November. The latter was the biggest gain since February 2021, according to Hedge Fund Research. However, there was quite a dispersion in returns, as the top decile of the composite index gained 12.9%, while the bottom decile averaged a -6.5% return. The dispersion is even more stark through the first 11 months, as the top decile gained 30.9% while the bottom decile fell 16.5%, according to HFR data. Thus, while November was a good month…
