Performance losses and outflows combined in November to chip almost 2% off the European hedge fund industry.

Net outflows from most strategies, mostly dating from the summer, reduced the sector in size by 1%. European equity and currency funds were worst affected.

The pool of European commodities managers grew by 2.2%, more than any other strategy. But losses in November shaved 2% from commodities funds, largely neutering the positive impact.

Pierre Andurand was the highest-profile commodities manager to lose ground in November, extending his loss for 2018 to about 17% with a month remaining.
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Global macro managers saw no net change after losses wiped 1.8% from the size of the strategy class, cancelling out the 1.8% boost from inflows.

Macro has been one of the most popular strategies with investors this year, with funds betting on macroeconomic themes expected to flourish in more volatile markets. November’s increase was the sixth consecutive monthly rise.

Stone Milliner and Rubicon were among the macro funds to lose ground in November, however. Brevan Howard, on the other hand, extended its flagship 2018 gain to 12%.

Funds trading global equities saw the biggest net increase of 1.1% after net inflows and performance gains, while currency funds had the biggest decline, with losses and outflows totalling 10.2%.

Flows Watch: November losses and redemptions on EuroHedge.