<p>The following is an excerpt from our Hedge Funds Weekly report, which is available in the&nbsp;<a href="https://www.eqira.com/clients/">clients</a>&nbsp;section.&nbsp;If you are not yet a client, please request a&nbsp;<a href="https://www.eqira.com/trial/">free trial</a>&nbsp;to evaluate our research and services.</p> <h4>Highlights</h4> <ul> <li>Our factor-based estimates project that hedge funds gained 0.04% last week as mixed factor performance led to modest returns</li> <li>Hedge funds are now down 1.38% for the month and 0.40% for the year</li> <li>17 of the 30 hedge fund strategies we track earned positive returns</li> <li>Aside from emerging equities and real estate securities, most asset classes provided negative returns for the week</li> <li>Bonds fell globally as the Fed raised rates for the first time since before the 2008 financial crisis</li> <li>Developed currencies depreciated significantly relative to the US dollar</li> <li>US equities declined modestly, while small caps, value stocks and country momentum strategies fell</li> <li>Our current November hedge fund index return projection of 0.32% is 0.32% greater than our initial estimate of 0.00%</li> </ul> <p>&nbsp;</p> <h4>Global Hedge Fund Performance</h4> <ul> <li>Our&nbsp;<a href="https://www.eqira.com/2015/08/06/understanding-eqiras-factor-based-estimates/">factor-based estimates</a>&nbsp;project that hedge funds gained 0.04% last week as mixed factor performance led to modest returns</li> <li>Hedge funds are now down 1.38% for the month and 0.40% for the year</li> <li>Our&nbsp;<a href="https://www.eqira.com/2015/08/13/understanding-eqiras-factor-attribution-reports/">factor-attribution analysis</a>&nbsp;suggests positive contributions from the spread between emerging and developed market equities (0.15%), short volatility factors (0.11%) and developed currencies (0.05%)</li> <li>It indicates negative contributions from alpha (-0.22%), equity beta (-0.08%) and equity sector beta (-0.07%)</li> <li>It estimates weekly, month-to-date and year-to-date alphas of -0.22%, -0.38% and -0.02%, respectively</li> </ul>