Few Bright Spots In HFRX Year-End Report

Jan 18 2012 | 9:11am ET

HFRX has released its December and year-end 2011 performance report for its hedge fund indices and it is awash in red ink.

Among the few bright spots are two equity hedge strategies—short bias (up 0.91% for December and 11.19% for 2011) and technology/healthcare (up 0.25% in December and 2.21% for the year). Also ending the year in the black were credit arbitrage strategies (up 0.69% in December and 4.31% for the year) and discretionary thematic funds (down 0.71% in December but up 1.36% for the year).

Commodity: energy funds were flat for the year, at 0.09%, having gained 0.72% in December but energy infrastructure funds added 2.46% in December and 4.38% for the year. FI-asset backed funds gained 1.08% in December for a 14.27% full-year gain. Alternative energy funds gained 0.07% in December to end the year up 6.05%.

In terms of regions, multi-emerging markets was the only strategy to avoid red ink in 2011, gaining 1.92% in December to end up 4.79% for the year.

Almost all HFRX’s broader categories included strategies with double-digit losses in 2011. In the global category, market directional funds lost 18.86% in 2011.

In the equity hedge category, fundamental growth funds were down 14.82% for the year, equity hedge funds were down 19.08%, and fundamental value funds down 22.99%

Among the event-driven strategies, activist funds lost 16.82% in 2011 while in the macro category, commodity: metals funds were down 17.72%.

Regionally, the biggest losers were India funds (down 37.85%), BRIC funds (down 18.97%) and Brazil funds (down 16.35%).

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