Short-Bias, Macro, Managed Futures Post Big Jan. Gains

Feb 15 2008 | 1:04pm ET

 Hedge funds may have weathered last month’s market turbulence better than most, but most still suffered in the first month of the New Year.

Overall, the Credit Suisse/Tremont Hedge Fund Index shed 1.48% last month. Last year’s darling, emerging markets, took it on the chin, though long/short equity was by far the most down in the dumps in January. The former fell 2.67%, while the latter was down 4.05%.

Event-driven funds were also awash in red, dropping 2.44%. Particularly hard-hit were event-driven multi-strategy funds, which lost 2.94% on the month.

Multi-strategy and convertible arbitrage funds were also losers, dropping 1.81% and 0.53%, respectively.

But, as Credit Suisse Index Co. President Oliver Schupp notes, there is a silver lining. “Despite this turbulent market environment, five out of ten hedge fund sectors ended January on a positive note.”

Unsurprisingly, none was more positive than dedicated short-bias, which added 5.68%. Global macro and managed futures funds also enjoyed big gains, rising 4.44% and 4.13%, respectively. Equity-market neutral and fixed-income arbitrage returned 0.69% and 0.28%, respectively.


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