Hedge funds were essentially flat in January, according to an industry replication benchmark.
IndexIQ's IQ Hedge Composite Beta Index rose just 0.1% to open 2013, far shy of both the consensus among industry indices for the month and of the Standard & Poor's 500 Index, which rose 5.1% on the month. The suite of beta-replication indices also shows a much more mixed month for hedge fund strategies than many of its counterparts.
Long/short funds rose an average 1.77% last month, the numbers show, followed by fixed-income arbitrage funds at 0.45% and market-neutral funds at 0.35%. But there were as many losers as winners, with global macro funds shedding an average 1.18%, emerging markets funds 0.68% and event-driven funds 0.09%.