The new Dow Jones Credit Suisse Hedge Fund Index finished 0.79 per cent down last month, according to its November commentary.

However, on a year-to-date basis throughout November, the report found that six out of 10 strategies were in “positive territory”, as the industry saw outflows of about $4 billion overall, bringing total assets under management for the industry to approximately $1.7 trillion.

Directional strategies, such as long and short equity, saw intra-month volatility - attributable to primarily macroeconomic factors, the report said. Broader markets, on the other hand, maintained a “defensive bias”.

Meanwhile, tactical trading managers gave an unexciting performance. While global macro managers reported a somewhat negative performance, managed futures funds posted slight gains, as managers held onto positive performance acquired during the first three weeks of the month.

In terms of relative value, managers posted mixed performances. Although fixed income arbitrage managers announced gains - despite increased volatility in the fixed income markets - convertible arbitrage and multi-strategy managers experienced overall losses.