Hedge funds rebounded last November from a flat October, posting positive returns nearly across the board. However, because of their nature to hedge the market, hedge funds continued to lag the impressive performance of equity markets.

The Morningstar 1000 Hedge Fund Index and the currency-hedged Morningstar MSCI Hedge Fund Index each rose 1.8%. The Morningstar US Equity Hedge Fund Index increased only 2.4%, lagging the S&P 500’s 6.0% rise in November.

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