Asian hedge funds bucked the trend in November with seven basis points of positive performance.

Furthermore, the best performing regional hedge fund sector was Japan, with a 0.82% positive performance.

The picture isn't so good elsewhere, however. Overall hedge funds lost 0.38% in November and thatÆs the sixth straight month of declines. Funds of hedge funds lost 1.3% to show an 11-month dismal performance of -18%, and that is nearly 50% worse than for the overall hedge fund index.

These are an early snapshot of Eurekahedge results. The firm expects that the sector loss may worsen from -0.38% to around -2% when all funds have reported. (Presumably on the rationale that if your result is a stinker, you won't be in such a hurry to send your performance numbers in).

Commodity trading advisor (CTA) portfolios, managed futures, fixed income and macro each had a positive month, but all other hedge fund strategies were down for November.

Industry assets have fallen in the month by $64 billion. This is made up of $18 billion in losses and $46 billion in net redemptions.