Key Takeaways
- • Penta Japan Value Fund, run by Old Peak Group, rose to first place on HSBC's top-performing hedge fund list in late November 2025 with 75.15% year-to-date returns, after a 7.20% gain in October.
- • Alken Capital Class J ranked second with 70.02% YTD returns, down slightly from 72.37% as disclosed in its latest report.
- • Equitile's M3 fund fell to third place on the HSBC list, while Tianyan China Equity Non-US Feeder Fund and Wellington Strategic European Equity Long Short Fund re-entered the top performers.
- • The bottom-performer list was unchanged, with a formerly high-flying crypto hedge fund remaining the worst performer.
- • Penta Japan Value Fund has posted strong annual gains in recent years, rising 33.5% in 2024 and 54% in 2023.
Summary
The final week of November 2025 brought a modest reshuffle to the HSBC top-performing hedge fund list, according to Hedge Fund Alpha. Penta Japan Value Fund, managed by Old Peak Group, surged to first place with 75.15% year-to-date returns. The fund has delivered strong gains for several consecutive years, including 33.5% in 2024 and 54% in 2023, and added 7.20% in October alone, which lifted it to the top spot.
Alken Capital's Class J shares held second place with 70.02% YTD returns. The firm's private debt-oriented fund disclosed a slight decline from +72.37% in its latest report. According to the article, the strategy invests in mid-cap companies in Europe, with a focus on the UK, France, and Germany. Key portfolio holdings include Signet Jewelers, Western Digital, Micron Technology, and Pitney Bowes.
Equitile's M3 fund dropped to third place. Tianyan China Equity Non-US Feeder Fund and Wellington Strategic European Equity Long Short Fund returned to the top-performer rankings. On the downside, there were no changes to the bottom-performer list, where a crypto hedge fund that had previously performed strongly remained the weakest performer.
Alken Capital's Class J shares held second place with 70.02% YTD returns. The firm's private debt-oriented fund disclosed a slight decline from +72.37% in its latest report. According to the article, the strategy invests in mid-cap companies in Europe, with a focus on the UK, France, and Germany. Key portfolio holdings include Signet Jewelers, Western Digital, Micron Technology, and Pitney Bowes.
Equitile's M3 fund dropped to third place. Tianyan China Equity Non-US Feeder Fund and Wellington Strategic European Equity Long Short Fund returned to the top-performer rankings. On the downside, there were no changes to the bottom-performer list, where a crypto hedge fund that had previously performed strongly remained the weakest performer.
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