What: Shares of Och-Ziff Capital Management Group LLC (NYSE:OZM) were trading higher by 10.2% at 2:30 p.m. EST today.

The company reported positive November fund results and separately received a recommendation from analysts at Bank of America Merrill Lynch (BAML).

So what: In an 8-K filed with the SEC, Och-Ziff Capital reported the net returns for its most significant alternative investment vehicles. These returns are as follows:

Fund

November 2015 Net Return

Year-to-Date Net Return

OZ Master Fund

0.29%

0.02%

OZ Asia Master Fund

0.59%

7.29%

OZ Europe Master Fund

0.75%

5.43%

Data source: SEC filings.

The company also reported that as of Dec. 1, 2015, its assets under management climbed to $44.6 billion, a $200 million increase from Nov. 1, 2015. BAML added the company's stock to its U.S. 1 List, while giving it a buy rating and a $10 price target.

Now what: Och-Ziff's positive performance across its largest funds is welcomed by the market, which has punished the stock for declining AUM throughout 2015.

In the nine months ended Sep. 30, 2015, Och-Ziff's funds had collectively lost $1.7 billion in AUM due to outflows, primarily driven by nearly $4.2 billion of outflows from its multi-strategy funds. While one month doesn't make a trend, positive performance and AUM growth does help temper the view that Och-Ziff's AUM can only go down.