Hedge Funds Post Gains In February

Mar 7 2013 | 9:09am ET

Hedge funds posted their fourth consecutive month of gains in February, adding 0.28%, according to eVestment.

Mortgage strategies posted the biggest returns, adding 1.32% on the month (up 3.36% on the year); followed by long/short equity, up 1.12% on the month (and 4.56% YTD); multi-strategy, up 0.87% on the month (and 2.83% YTD); and event-driven/distressed, up 0.75% in February (and 2.65% YTD).

Also in the black last month were market neutral equity strategies, up 0.64% (and 1.78% YTD); and relative-value credit, up 0.52% (and 1.75% YTD).

The only losing strategies in February were managed futures, down 1.49% (and down 0.09% YTD); and macro, down 0.01% (but up 0.97% YTD).

Purely systematic trading strategies were up 0.42% YTD in February compared to gains of 3.10% for discretionary strategies. eVestment says these numbers illustrate the difficulties facing systematic strategies “in markets where current prices are likely being influenced very differently by the array of factors than modeled in the past, perhaps a symptom of current global monetary policies.”

Emerging market fund returns were mostly positive, but a few large losses from China-focused funds put them, as a group, down 0.62% for the month (but up 2.28% YTD).

 

 


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