Hedge Funds Add 0.5% In January

Feb 12 2009 | 2:05am ET

Most hedge funds gained ground in January—their second straight positive month—to get 2009 off on the right foot.

The Eurekahedge Hedge Fund Index, which fell by 12% last year, rose 0.5% last month, according to preliminary returns. Eight of the nine strategies tracked by Eureka rose in January, led by arbitrage funds at 2.3% and distressed debt at 1.7%. The only strategy index in the red last month was down 0.8%.

Regionally, North American hedge funds rose 1.3%, Latin American funds 1% and European funds 0.5%, while Asia funds lost 0.5%, Japanese funds 1.5% and Eastern European and Russian funds 7.6%.

The good news, however, may be short-lived. Just over one-third of the funds in Eureka’s index have reported, and poorer performers tend to report later. The final report is due next week.

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