Pivotal Point of View – November 2024

For allocators evaluating hedge fund performance, context matters.

 Pivotal Points: 

• Despite October’s volatility, hedge funds did a credible job of besting the wider markets over a challenging month, with the PivotalPath Hedge Fund Composite Index flat at 0.1%.
  • For context, the S&P 500 went from an all-time high at the end of September into a muted month, driving a small loss of -0.91% over the course of October. Globally the MSCI World was down -1.98% during the same period.
• PivotalPath Index App
  • PivotalPath’s free index license creates an accurate and common ‘performance language’ for hedge funds and allocators to better communicate.
  • Click https://index.pivotalpath.com/ to access the index app and its best-in-class data.
• YTD the PivotalPath Equity Sector Index remains the strongest of our main hedge fund indices, it is now up 14.6% for the year and 26.4% over the last 12 months.
  • Hedge fund equity strategies continued to illustrate how strong stock pickers and short specialists have made the most of ongoing dispersion in the markets, with the PivotalPath Equity Sector Index up 1.5% in October.
  • Across the equity funds covered by PivotalPath, most true market neutral and low net specialists proved their worth over a challenging month, delivering alpha on both the long and short sides. However, Equity Quant, one of the strongest performers of the last year, was briefly caught out by whipsawing markets, with the PivotalPath Equity Quant Index falling by -0.7% across the month.