Pivotal Point of View — November 2020

Published 14 December 2020 · Covers November 2020

Originally issued as November 2020.

November was a big month for markets, with the S&P 500 up 10.7%. In aggregate, hedge funds were up 5% for the month with 86% of managers reporting positive performance. YTD, hedge funds are up just over 7% and continue to deliver better risk-adjusted results than the S&P, as indicated by their respective Sharpe ratios, 0.70 vs. 0.57.

+4.6%Composite, November

+7.2%Composite, year to date

+8.7%Composite, Q4

Event DrivenLeading strategy

Headline strategy indices

Strategy	November	Year to date
Event Driven	+7.2%	+9.2%
Equity Sector	+6.6%	+19.4%
Equity Diversified	+6.3%	+8.7%
Credit	+3.4%	+2.9%
Multi-Strategy	+3.1%	+8.7%
Global Macro	+2.1%	+1.6%
Managed Futures	+1.5%	−2.9%
Volatility Trading	+0.8%	+8.3%
Equity Quant	−0.2%	−5.7%

Net of fees, in USD. The Composite plus the nine headline indices with a published monthly series; ordered by month return.

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