Pivotal Point of View – December 2024

For allocators evaluating hedge fund performance, context matters.

 Pivotal Points: 

•  Hedge funds enjoyed a positive November, following October’s flat month, with the PivotalPath Hedge Fund Composite Index up 2.1%.

• Drill down and November’s returns were largely driven by US beta gains courtesy of the early month ‘Trump bump’. The PivotalPath Equity Diversified: U.S. Long/Short Index was up 3.6% across the month.

  • The dominant US market contrasted with EMEA and APAC focused funds. The PivotalPath Equity Diversified: Europe Long/Short Index returned 1.5% in November and the PivotalPath Equity Diversified:Asia Long/Short Index, was flat at 0.7%.

• PivotalPath Index App
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  • Click https://index.pivotalpath.com/ to access the index app and its best-in-class data.

•  November’s rally in US equities, means that YTD the PivotalPath Equity Sector: Technology/Media/Telecom Index is the strongest of all PivotalPath’s indices, up 24.4% for the year and 29.0% over the last 12 months.

  • Managers net sold TMT in the first half of the month as they took profits, while net buying financials, a likely key sector benefactor the Trump White House redux.