Hedge funds edged up in December, according to the Dow Jones Hedge Fund Strategy Benchmarks.
Well, three of the Dow Jones hedge fund indices, anyway. The other three benchmarks remain suspended. But those that are still active posted gains last month, led by equity long/short funds with a 2.07% return through Dec. 30. With a day left to do in 2009, the benchmark was up an estimated 5.09% on the year.
Event-driven funds rose just 0.98% in December, but were up 15.36% as last year wound to a close. Merger arbitrage funds returned 0.95% last month and 8.24% on the year.
Dow Jones’ convertible arbitrage, distressed securities and equity market-neutral benchmarks have all been temporarily suspended.