Hedge Funds Buoyed By Rising Markets, Rise 0.78% In Feb.

Mar 18 2010 | 8:42am ET

Hedge funds returned an average of 0.78% in February, returning to their winning ways after a month off in January.

“Hedge funds bounced back in February, more than making up for their 0.34% loss in January,” Sol Waksman, founder of BarclayHedge, said of the Barclay Hedge Fund Index. “While U.S. and Asian equity markets gained ground in February, European-linked assets underperformed due to concerns about sovereign debt default in Greece and fears of possible contagion impacting the weaker European Union members.”

The Barclay index is up 0.42% after the first two months of the year. All but three of its 18 subindices were in positive ground last month, with equity short-bias funds dropping 2.02%, European equities 0.62% and Pacific Rim equities 0.09%.

The winners were led by technology funds, which were up 2.3%, followed by equity long-bias at 1.66%, healthcare and biotechnology at 1.25% and event-driven at 0.98%. On the year, distressed securities is the top-performing strategy at 3.19%.

Commodity trading advisors rose 0.19%. Funds of hedge funds returned 0.17%.

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