Rump Of Dow Jones Hedge Fund Indices Mostly Positive

Feb 13 2009 | 3:46am ET

There’s not much to report about the Dow Jones Hedge Fund Strategy Benchmarks these days, with half of them suspended. But the indices that are left offered broadly good tidings in January.

Two of the three remaining Dow Jones benchmarks were in positive ground last month. Merger arbitrage rose 1.62%, while event-driven added 1.23%. Distressed securities was not so lucky; it shed 3.66%.

In December, Dow Jones stopped calculating its equity-market neutral and equity long/short benchmarks due to “temporary risk mitigation measures” taken by their underlying managers. Then, last month, the firm put its convertible arbitrage benchmark on ice, as it seeks to cut the number of convertible arb. managers in its platform.

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