Hedge funds as measured by the Greenwich Global Hedge Fund Index ("GGHFI") declined for the fifth straight month, but only fractionally when compared with global equity returns during the month of November. Preliminary results for the GGHFI show a decline of -1.13% on the month, while the Greenwich Composite Investable Hedge Fund Index ("GI2") fell -2.05%. This compares favorably to global equity returns in the S&P 500 Total Return (-7.18%), MSCI World Equity (-6.72%), and FTSE 100 (-2.04%) equity indices. Year-to-date, the GGHFI and the GI2 have shed -16.11% and -18.3%, respectively, while the S&P 500 Total Return, MSCI World Equity, and FTSE 100 Indices have lost -37.66%, -43.81%, and -33.58%, correspondingly. 44% of constituent funds in the GGHFI ended the month with gains.

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