Most Funds Top S&P In Feb.

Mar 14 2007 | 10:39am ET

The overwhelming majority of hedge funds outperformed the broader markets during a difficult February, according to the Greenwich Global Hedge Fund Index. Some 96% of 1,018 funds reporting to the index beat the Standard & Poor’s 500—which tumbled almost 2% in February—last month, Greenwich Alternative Investments said.

Both the Global index and the Greenwich Investable Hedge Fund Index were up last month, the former rising 0.61% (up 1.81% year-to-date) and the latter 0.45% (1.79% YTD).

Only one of the 13 strategies tracked by Greenwich—futures—was in negative territory last month, losing 2.57%. Event-driven strategies, on the other hand, posted the strongest month, rising 1.87%, closely followed by dedicated short-sellers, which gained 1.73%.

“Long-biased managers were able to mitigate the effects of February’s declining equities to end the month in positive territory,” Ben Rossman, Greenwich general manager, said. “Hedge funds’ downside protection, coupled with their ability to capture market upside, continues to translate into superior risk-adjusted returns.”

Market-timing, income-based strategies and market-neutral arbitrage also had good months, returning 1.21%, 1.13% and 1.11%, respectively.


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