November 2006 Performance Review Of The Dow Jones Hedge Fund Strategy Benchmarks - A Monthly Report From Dow Jones Indexes On The Performance Of The Dow Jones Hedge Fund Strategy Benchmarks

Indexes posted net-of-fees gains in November 2006.

Equity long/short once again posted the top net-of-fee return for November, gaining 2.37% (equity long/short was the top performing strategy in October). The strategy is now up 7.77% on a YTD basis.

Event driven rose 1.62% and distressed securities rose 1.45%. With double-digit returns of 11.37% and 13.03% for the year so far, these two strategies are emerging as the top performers of 2006.

Merger arbitrage returned 0.89% in November, increasing its YTD gain to 8.32% and convertible arbitrage posted a gain of 0.17%, which bumped its YTD gain to 9.90%.

Equity market neutral was down -0.23% for the month, but is still up 5.88% for the year.

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November Factsheet