UPDATE: Credit Suisse Index Posts Dec. Loss

Jan 15 2009 | 4:04pm ET

As it turns out, hedge funds may not have done as well last month as initially reported.

The Credit Suisse Index Co. has finalized the December performance of the Credit Suisse/Tremont Hedge Fund Index, and in place of the 0.3% return the early estimates showed there is a 0.03% decline. For the full-year, the index fell 19.07%.

“Despite a late month equity rally, hedge fund finished marginally down in December,” CS Index Co. President Oliver Schupp said.

Two subindices estimated earlier this week to have enjoyed a positive December are, in the final analysis, in the red with most of its brethren: event-driven multi-strategy actually fell 0.49% last month, compared to an estimated return of 0.28%, while fixed-income arbitrage swung from a 0.72% rise to a 0.8% loss.

The somewhat disappointing news comes as the remaining 26% of the funds in the CS indices have reported this week. Poorer-performing funds tend to report their results to indices later than those who did relatively well.

Just two of the CS subindices were in the black last year: managed futures at 18.33% and dedicated short-bias at 14.87%. On the reverse side of the ledger, equity market-neutral funds fell 40.32%, convertible arbitrage fell 31.59% and emerging markets 30.41%.


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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