Goldman’s Asia-Focused Hedge Fund Clients Lose 3.3% in November

Goldman Sachs Group Inc.’s hedge fund clients focused on Asian stocks lost 3.3% in November as renewed virus concerns sparked a global selloff in the second half of the month, the bank’s prime brokerage wrote in a note.

The asset-weighted average decline compared with a 3.8% drop in the benchmark MSCI Asia Pacific Index in dollar terms, suggesting managers offered investors limited protection against the market-wide slump. Funds focusing on Chinese and Japanese stocks fared better compared to their respective benchmarks, according to the note.