Hennessee Hedge Fund Index Adds 2.46% In February

Mar 17 2014 | 7:37am ET

Hedge funds added 2.46% in February, according to the Hennessee Hedge Fund Index, trailing the 4.31% gain of the S&P 500.

The top performing strategies for the month were healthcare and biotech, up 4.14%; distressed, up 3.72%; and international, up 3.29%

The bottom three strategies for the month were short biased, down 2.34%; market neutral, down 0.02%; and convertible arbitrage, up 0.19%.

“Risk assets reversed course again in February as volatility, measured by the VIX, subsided and market enthusiasm was restored,” said Charles Gradante, Hennessee Group co-founder, in a statement. "Investors stepped back into the market after January’s selloff and shrugged off disappointing European PMI data, a continued decrease in bank lending and emerging market tensions.”

Equity long/short hedge funds were up 2.81% in February (3.13% year to date), arbitrage event/driven strategies were up 1.83% (2.50% YTD) and merger arbitrage strategies were up 1.81% (2.04% YTD).

Global macro funds gained 2.53% in February (0.47% YTD). Emerging funds were up 2.14% on the month (down 0.20% YTD).  Macro funds rose 2.65% for the month of February (0.83% YTD).
 


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