Hedge Funds Add 1.1% In Jan.

Feb 4 2013 | 4:00pm ET

Hedge funds spent all of last year trailing the broader markets, and have opened the new year doing the same.

The Credit Suisse Liquid Alternative Beta Index rose 1.1% in January. But the Standard & Poor's 500 Index added 5.1%, continuing the story of 2012, when the LAB index rose just 3.22% to the S&P500's 16%.

Merger arbitrage funds were tops last month with a 2.31% return, followed by managed futures funds, which were beaten down in 2012 but added 2.19%  in January. Event-driven funds rose an average of 1.6% and global strategies 1.45%.

Long/short funds actually lost ground on average, according to the LAB indices, falling 0.94%.

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