Tactical Global Management (TGA)'s GTAA AUD Fund was up +4.50% for November, bringing their YTD performance to -0.38%.

TGM attributed this result to their investment strategies in global equities (long European and UK, short US and Australian) and fixed interest (long US, short Japanese), while at the same time having no exposures in global currencies or at broad asset-class levels.

MM&E Capital Takeover Target Fund was down 7.80% during November bringing the year-to-date cumulative performance to a loss of 31.66%.

The Manager commented: "November was another difficult month for equity markets, and the Fund lost value in line with the performance of the benchmark ASX 300 Index. Stop losses were applied throughout the month, with positions falling 20% from entry price being automatically exited."

The Fund uses an event driven strategy where medium term (6-24 months) positions are taken in ASX listed stocks that meet the internal selection criteria.

BlackRock’s Asset Allocation Alpha Fund achieved a gain of 6.59% for the month bringing the year-to-date cumulative performance to positive 38.91%.

The Fund employs a global macro strategy and tactical asset allocation. The strategies adopted are thematic, concentrating on exploiting trends, likely developments and mis-pricing in global asset markets.

The Manager noted: “The strategies which contributed significantly to performance were Bond/Cash (primarily reflecting long duration positions in the UK, US, Germany and Australia); Currency (long Euro vs Polish Zloty, short Euro vs Japanese Yen, short Australian dollar and Canadian dollar vs US dollar); and to a lesser extent Equity/Equity (reflecting long US Growth vs US Value and long US large cap vs US small cap).”

Wilson Asset Management (WAM) reported negative performance in both their multi-strategy ASX-listed Active Fund (WAA) and their equity long/short Capital Fund (WAM). WAA returned a loss of 5.23% for November bringing the year-to-date cumulative performance to negative 12.62% while WAM returned a loss of 5.65% bringing the year-to-date cumulative performance to negative 34.21%.

WAA predominantly invests in ASX listed securities and Cash where appropriate investments cannot be identified. During November the Manager maintained of holding of approximately 80% of funds in cash. WAA offers investors exposure to an active trading style with the aim of achieving a sound return with a low correlation to traditional markets. The Manager noted: “This was achieved in our first eleven months with the Fund outperforming the All Ordinaries Accumulation Index by 27.8%.

WAM invests in ASX listed securities and employs an investment strategy which focuses on, but is not limited to, medium to small industrial companies, as well as under-researched and mis-priced stocks. The manager sees market opportunities through buying securities in entities through IPOs, placements or the purchase of block stock below what the manager believes is fair value. Acceptable diversification is achieved by investing in 20 to 30 securities over a range of industry sectors.

Apeiron's Global Macro Fund, which utilises re-pricing strategies in futures and FX markets, returned +0.12% in November, bringing its YTD return to +19.31% and its 12 month return to +18.98%.

Due to market volatility and unsettled liquidity during November, Apeiron elected to remain invested mainly in cash for most of the month, while waiting for low-risk entry levels to present themselves.

Kapstream’s Absolute Return Income Fund achieved a small gain of 0.77% in November bringing the year-to-date cumulative performance to positive 6.86%.

Kapstream employs a fixed income strategy and aims to generate absolute returns over multiple business cycles by incorporating high quality/high conviction trades while taking into account the global macroeconomic view and variables such as duration, yield curve and volatility which support the research and analysis.

The Fund Manager outlined some key themes for 2009 including that rates will be low for a long time and investors should shift focus from duration to high quality, retailers will limp through Christmas, oil will continue to fall, the US auto industry will get bailed out, and corporations (especially banks) will continue to issue government guaranteed debt (i.e. bonds) via the Fed acting as the new monoline insurer.

Regal’s Tasman Market Neutral Fund finished up 0.97% for the month bringing the cumulative year-to-date loss to 7.10% while the Amazon Market Neutral Fund was down 0.40% for the month bringing the cumulative year-to-date loss to 7.71%.

The Regal funds aim to maximise returns with only moderate risk and little correlation to equity markets. The Fund Manager stated: “Compared to the volatility in the market in November (over 50% on an annualised basis), Tasman’s volatility was an annualised 15%, largely a result of our lower than average gross gearing levels and tighter than normal sector hedging.”

Allard Partners reported negative returns for November with a loss of 4.70% (negative 34.88% year-to-date) in their Growth Fund and a loss of 3.40% in (negative 17.49% year-to-date) in their Investment Fund.

Allard Partners employ an equity long-only strategy investing in quoted companies in the Asia Pacific region.

The Austral Equity (onshore) Event Driven Fund returned +0.92% for November to take year-to-date performance to +0.84%, and +13.44% annualised since inception in 1997.

Austral was one of the first managers to move broadly into cash at the beginning of 2008, and as such was spared much of the carnage that has occurred in equity markets since that time. However the manager changed the position in November, dropping cash from over 95% to under 45%, investing mainly in interest rate securities. Long equity exposure remains low at 4.6%.

Meanwhile the manager announced that due to the high level of redemptions in the Opportunities Fund (domiciled in the Caymans) they had recently sold all securities, moving to 100% cash, with capital being returned to investors by 12 December. This was another case where redemption pressure on investors was the overriding issue rather than performance as the fund in Australian dollar terms was positive year-to-date.

Bennelong's long short equity market neutral fund returned +5.78% in November, to give a year-to-date return of +10.25%, and an annualised return since inception in 2003 of +22.63%.

Against a background in the Australian equity market which saw only one sector record a positive contribution during November (property +0.2%), the manager provided strong performance noting that the lifting of the ban on short selling mid month allowed an opportunity to open new positions, and replenish various existing ones.

Looking forward Bennelong see the possibility of a near-term bounce, however remained cautious and maintain a conservative stands within the portfolio and a tilt towards stocks with a solid track record rather than those that simply appear cheap.