January Strong For HFR Indices

Feb 7 2007 | 11:45am ET

Hedge funds are off to a good start in 2007, according to Hedge Fund Research.

The firm’s HFRX indices show that the first month of the year was a strong one for several strategies, led by equity market-neutral, which returned 2.45%—more than half its total return for all of last year—and merger arbitrage, which rose 2.13%. Event-driven was also up by more than 2%, at 2.11%.

The overall HFRX Global Hedge Fund Index rose 1.5% on the month, roughly in line with the total return of the Standard & Poor’s 500 Index. The equal-weighted version of the index did slightly better, with a 1.58% return.

By contrast, macro and convertible-arbitrage funds had a rough go, returning 0.55% and 0.85%, respectively.

Other strategies tracked by HFR are relative-value arbitrage (+1.65%), equity hedge (+1.47%), distressed securities (+1.42%), market-directional (+1.38%) and absolute return (+1.27%).


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