Vega Asset Management, the world's largest single-manager hedge fund firm, has confirmed a turnaround in its fortunes with a 7.5% net investment performance for its flagship Select Opportunities fund in November.

Vega, which is based in Madrid and New York and which has more than $11bn (€8bn) under management, said November's performance had taken the $2bn fund's net investment return for the year to date to 9%.