(HedgeCo.Net). Despite a rough month for tech-heavy assets, hedge funds broadly managed to deliver solid gains in November — and maintain strong year-to-date performance. According to a recent note from Goldman Sachs, global hedge funds are up nearly 15% in 2025 as of end-November. Reuters+2Global Banking | Finance+2
Long/short funds — a core group of “stock-pickers” — posted about 1.1% in November, a respectable result given broader market headwinds. These funds outperformed major indices: the S&P 500 (which ended the month roughly flat), the Nasdaq Composite (down over 1.5%), and the Dow Jones Industrial Average (up just over 0.3%). Reuters+1
So what drove the gains? A few themes stand out:
- Healthcare stocks: The healthcare sector surged about 7% in November, and is now up nearly 30% year-to-date. Many hedge funds heavily tilted toward healthcare saw outsized gains. Reuters+1
- Quant and systematic funds: These funds had strong showings, rising around 3.7% — their best monthly performance since March. Their exposure to shorts and healthcare positions helped offset weakness elsewhere. Reuters+1
- Geographic tilts: Hedge funds broadly preferred North American equities for the third month in a row, while trimming European exposure — which was sold at the fastest pace in seven months. In Asia, funds increased long positions in Japan and reduced shorts in Hong Kong. Reuters+1
By contrast, funds focused on technology, media, and telecom (TMT) struggled: the broader selloff in tech dragged TMT-focused funds down 0.8% in November. Still, intriguingly, many stock-picking funds kept accumulating U.S. TMT names — perhaps anticipating a rebound once valuations settle. Reuters+1
Finally, even many large multi-strategy funds — including prominent names like Citadel, Schonfeld, and Millennium Management — reportedly posted gains. While hedge funds as a class posted ~15% YTD, these flagship players remain closely watched by allocators and competitors alike. Reuters+1
In sum: November demonstrated the resilience and adaptability of hedge funds. Even as tech stuttered, savvy sector allocation — especially toward healthcare — plus strong quant performance allowed many funds to keep rolling upward.