Platinum Asset Management, Australia's largest Absolute Return fund manager with over $14b in total assets under management, provided investors a range of returns for November , with the flagship Platinum International Fund, a global equity long/short fund with over $7 billion in FUM recording -1.0% for the month against the MSCI which fell 5.3%.

Over a 12 month period the International fund has fallen -9.2% against the MSCI World Index which has fallen 25.1%.

Across all funds, Platinum outperformed generally, even though most funds were in negative territory. The best performing fund was the Platinum Japan fund which was positive 0.70% and has now returned over 13% over the past four months.

The Elstree Enhanced Income Fund returned a negative performance for November 2008 of -13.46%, bringing their 12 month performance to -33.59%.

The manager noted that the ASX All Ordinaries accumulation index was down one point during the month as much a 16%, and the hybrid market in which they invest followed the equity market lower. However due to the lag with which hybrid securities frequently exhibit, they did not participate in the equity market rally over the last few days of the month.

Looking forward the manager is expecting the banks to commence issuing equity to replenish damage caused by credit losses. Noting that the banks have yet to raise equity, the manager is expecting them to do so, reminding investors that during the 1990's the major banks lost around 16% of shareholders equity and around 1% of assets, while dividends fell by around 45%.

Plato Asset Management's market neutral fund, has just managed to return a positive performance for November of +0.01%, although two other Plato funds, the Core Composite, and the Equity 130/30 each lost -6.44% and -6.17% respectively for the month.

The November performances from Plato continue the trend which has been in place all year. Whilst the market neutral fund is +1.52% YTD, against the ASX which is down over 40%, the core (long only) fund is -39.99% and the 130/30 has lost 40.96% since its inception in January 2008.

Commodity Strategies have produced a positive return for both their long only and long short strategy, with a +0.85% (+10.62% YTD) for the Long Only program, and +0.47% (+23.16% YTD) for the long short version.

Of interest was be sharply different attribution of performancebetween the two strategies: The long only strategy achieved 100% of its returns from gold, while the long short strategy was broadly based with the majority of returns coming from the energy sector (with the exception of natural gas). The long short strategy was active in over 20 commodities across the broad sectors of metals, energy, agricultural and grains.

Pengana's Australian Equity Long Short fund returned -10.1% net of fees in November to bring 12 month performance to -32.3%. This compared with the ASX 300 accumulation index which was -6.3% for the month and -40.5% over a 12 month period.

The manager noted that approximately 50% of the negative performance for November was caused by the mar- to-market impact of the fund's exposure to hybrid securities. Other managers have noted that hybrid securities did not benefit from the rally that occurred in the last few days of the month, and thus dragged down performance.

Fortitude Capital, the Australian-based equity market neutral manager, has continued to demonstrate a consistent positive performance for every month of 2008, with a November performance of +0.21%for the onshore fund to take them to +11.88% YTD.

Fortitude's offshore Cayman fund was -0.32%, taking YTD performance to positive 7.4%.

Fortitude, which was awarded the 2008 Australian Hedge Fund Manager of the year award by AIMA, is a multi-strategy market neutral manager.

Blue Fin Capital, which specialises in trading spot foreign exchange markets and commodity futures using a quant trading strategy, has reported -1.03% for November and +9.48% YTD for the commodities strategy, and -3.80% and +8.48% YTD for the FX strategy.

Wallace Absolute Return Limited, an ASX Listed Investment Company (LIC) recorded a negative return of -2.47% for October, bringing 12 month performance to -18%.

Meanwhile the Wallace Australia Opportunities Fund, a Cayman based unlisted fund using broadly the same Equity Market Neutral strategy, returned a positive 8.15% and 36% over the past 12 months.

The Asia-Pacific Asset Management Asia fund returned 18.21% in October to take year-to-date performance to +11.69%.

The manager noted in their monthly report that they made gains on the currency through an active hedge strategy although the underlying managers in the fund had also performed well in difficult conditions during October.

Meanwhile the Asia-Pacific Asset Management Australian Fund returned -0.77% for the month and -5.03% year-to-date.

Both funds are open to retail investors in Australia.

Kenny Arnott's Arnott Opportunities Fund, an Equity Long Short fund investing primarily in Pan Asia, returned 0.34% in October, bringing YTD performance to +4.35%.

Arnott's October performance report indicated a move towards risk free arbitrage deals during the month as a method of navigating successfully through current markets. They also noted that there was a reduction in competitive activity from both other funds, and also from investment bank's proprietary desks, which have been winding leverage back from up to 50 times to a more manageable 10 to 20 times.

The Arnott Opportunity Fund has US$780m in funds under management and was established in November 2005.