The Hennessee Group predicted a positive December for equity markets and hedge funds in particular, in a report released Monday. Its research indicates that when equity markets are positive through November (the S&P 500 was up 25.3% through November this year), hedge funds have gained an average of 2.4% in December.

Over the past 20 years, hedge funds – as measured by the HFRI Fund Weighted Composite index – are up 1.74% in December, compared to an average of 1.62% for the S&P 500.