Monday, 20 February 2017
Last updated 2 days ago
Mar 5 2014 | 1:19pm ET
Hedge funds enjoyed broad gains last month, although they lagged the Standard & Poor's 500 Index.
The average hedge fund rose 1.59% in February, according to the HFRX Global Hedge Fund Index. The benchmark, which lost 0.24% in January, is up 1.34% on the year.
By contrast, the S&P500 rose more than 4% last month and ended February at record highs.
With the exception of macro funds, all hedge fund strategies tracked by Hedge Fund Research posted gains in February. Fundamental growth funds led the way with a 4.16% jump (4.54% year-to-date), followed by special situations funds (2.99% in February, 3.17% YTD), equity hedge funds (2.67%, 1.63% YTD), event-driven funds (2.55%, 2.95% YTD) and fundamental value funds (2.22%, 0.46% YTD).
Distressed restructuring funds added 1.59% on the month (2.68% YTD), convertible arbitrage funds 1.51% (2.16% YTD), credit funds 1.36% (1.97% YTD), relative-value arbitrage funds 1.33% (1.13% YTD), multi-strategy funds 1.28% (0.9% YTD) and master-limited partnerships 1.22% (2.82% YTD). Emerging markets funds rose 0.8% (down 0.07% YTD), equity market neutral funds 0.73% (1.45% YTD) and merger arbitrage funds 0.07% (0.16% YTD).
Macro funds and commodity trading advisers shed 0.75% in February (down 0.82% YTD), with systematic diversified CTAs hardest hit, down 1.42% on the month (down 1.23% YTD).