Bad bets on everything from currencies to commodities saw Brazil's top-performing hedge fund over the past two years, the SPX Raptor Fund, record a record monthly loss in November, according to a report by BNN Bloomberg.

The report cites a note sent to investors by the fund's manager, SPX Capital, as revealing that the fund chalked up its biggest monthly decline since launching in December 2010, with an 11% fall after fees.

“The main negative contributors were rates and foreign-currency” bets, the fund wrote in the note. Wagers in equity, commodities and credit markets also led to losses, although to a smaller extent, it told clients. 

SPX, which was founded by industry veterans Rogerio Xavier, Daniel Schneider and Bruno Pandolfi, manages more than 77 billion reais ($14.4 billion), and the SPX Raptor fund was the best-performing Brazilian hedge fund in the first six months of the year and is still up 33% YTD.