Most hedge funds continued their recovery in November, which highlighted equities as one of the top-performing positions. The month marked a critical turnaround in a year that has been particularly awful for global stock markets. (Photo by Spencer Platt/Getty Images)Getty Images The overall weighted average return for hedge funds administered by Citco was 2.9% for November. Nearly 69% of the funds administered by the firm were in the green for the month, a slight increase from October, when about 67% of Citco-administered funds generated positive returns. Although every size category generated positive returns overall, the sizable gaps between the weighted and median returns indicate that the largest funds were the best performers last month. The overall median return for funds administered by Citco in November was 1%. Funds with $1 billion to $3 billion in assets under administration were the best performers, with a weighted average return of 3.6%, followed by those with more than $3 billion in assets under administration, which returned 3.4%. The median returns of these size categories were $2.1 billion and $1.8 billion, respectively. Multi-strategy funds were flat on a median basis. Interestingly, the smaller funds following these strategies outperformed their larger peers, as demonstrated by the median returns of 0.2% for commodities funds and 0.2% for event-driven funds. Overall, the funds administered by Citco saw $11.5 billion in subscriptions versus $6.4 billion in redemptions last month, amounting to net inflows of $3.1 billion. Meanwhile, funds with less than $1 billion were flat as redemptions offset subscriptions. Finally, funds with $1 billion to $5 billion and those with $5 billion to $10 billion in assets under administration saw marginal net outflows of $100 million each. Most other strategies recorded marginal net outflows, except for global macro funds, which saw $1.3 billion in net outflows. On the other hand, Asian funds recorded $400 million in net outflows. Beyond the fourth quarter, the firm sees an additional $9.5 billion in planned net outflows.