Hedge Funds Up 1.96% To Open '13

Feb 5 2013 | 1:52pm ET

Hedge funds gained ground in January but failed to capture the full rally of the broader markets, according to one industry benchmark.

The HFRX Global Hedge Fund Index rose 1.96% last month, turning in better than half its 2012 performance, up 3.51%, in 2013's first month alone. But that good news was tempered by the Standard & Poor's 500 Index's red-hot January, in which it soared 5.1%.

Only one strategy tracked by the HFRX suite managed to top that, with master-limited partnerships jumping 8.03% last month.

Special situations funds rose 4.22% on the month, event-driven funds 3.38%, fundamental value equity funds 3.08% and equity hedge funds 2.64%. Relative-value arbitrage funds added 1.51%, credit funds 1.39%, convertible arbitrage funds 0.97%, emerging markets funds 0.41%, and macro funds and commodity trading advisers 0.1%.

The only funds to lose ground on average last month were systematic diversified CTAs, which fell 0.08%.

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Editor's Note