Credit Suisse: Most Strategies See January Gains

Feb 9 2010 | 10:39am ET

Hedge funds edged up in January, according to a preliminary report from Credit Suisse Tremont Index.

The Credit Suisse/Tremont Hedge Fund Index rose an estimated 0.17% in January, with 74% of the hedge fund assets included in the index reporting. The benchmark rose 18.57% last year.

Fixed-income arbitrage and distressed hedge funds posted the biggest gains last month, rising 2.46% and 2.02%, respectively. Most of the strategies tracked by Credit Suisse Tremont gained ground to open 2010, including dedicated short-bias funds, which took a beating during the market rally last year but took advantage of declining markets in January, returning 1.84%.

Event-driven funds rose 1.39%, global macro funds 1.11%, convertible arbitrage funds 1.06% and multi-strategy funds 0.88%.

Those strategies that did see red in January tended to see a lot of it. Managed futures funds, which lost 6.57% all of last year, dropped 3.91% last month alone. Long/short equity funds declined 1.7% and emerging markets funds dropped 1.24%.

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