Global hedge funds are ending 2025 on a strong footing, delivering nearly 15% returns through November, driven by stock pickers, quant strategies, and a standout rally in healthcare. While long-short equity funds outperformed major U.S. indices, TMT-focused funds lagged due to a tech sell-off. Regionally, managers remained bullish on North America, added exposure to Japan, and pared positions in Europe and Hong Kong.
