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Saturday, 21 January 2017
Last updated 9 hours ago
Feb 7 2013 | 10:18am ET
Currency hedge funds had their best month since early 2011 in January—more a commentary on their middling performance recently than anything else.
The Parker Global Currency Managers Index rose 1.42% last month, in line with most broader hedge fund indices but a far cry from the Standard & Poor's 500 Index, which rose 5.1% in January. On the other hand, it's certainly a marked improvement: The benchmark rose just 0.77% last year, compared to an average high-single digit return for all hedge funds and a nearly 16% return for the S&P500.
Parker Global Strategies' Jon Stein said there were signs that the improvement could be a long-term one.
"It wasn't like the entire student body moving in the same direction," he told The Wall Street Journal. "You have currencies moving in a meaningful way," providing a much-needed turnaround for trend-following funds.
"These model-driven trend-followers needed this month," Stein said.