Hedge funds fell slightly to open 2014, according to a suite of industry replication indices.
IndexIQ's IQ Hedge Composite Beta Index edged down 0.44% in January, as four of the six hedge fund strategies tracked by the benchmark lost ground. Emerging markets fell 2.18%, long/short fell 1.68%, event-driven fell 1.39% and market-neutral 0.7%.
On the bright side, no strategy fared as badly as the broader markets, with the Standard & Poor's 500 Index—which trounced hedge funds last year—falling 3.5% on the month.
IndexIQ's fixed-income arbitrage and global macro indices posted gains in January, with the former up 1.83% and the latter 1.54%.