Worst Day Ever: Hedge Funds Hurting From Tuesday’s Tumble

Mar 1 2007 | 11:45am ET

Hedge funds were not immune from Tuesday’s Wall Street bloodbath: According to Hedge Fund Research, Feb. 27 was the worst day it had ever recorded for hedge funds in the four-year life of its indices.

Macro funds suffered the worst drop, losing 3% to just about wipe out year-to-date gains. Market-directional funds, emerging markets and computer-driven managed futures funds were also hurting. Citigroup, in a note Thursday, wrote that the declines, “in conjunction with the long positions still shown by our credit survey… make us concerned about further de-risking ahead.”

Arki Busson of the $10 billion fund of hedge funds EIM told the Financial Times that hedge funds had lost about two-thirds of their gains for February, but, “The good news is there were no disasters.”

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