Hedge Fund Indices Mixed In January

Feb 17 2009 | 1:32am ET

A quartet of hedge fund indices showed decidedly mixed results for the industry in January.

The BarclayHedge Fund Index shed 0.26% last month, Iowa-based BarclayHedge said. On the bright side, 11 of the 18 strategies tracked by the data provider gained ground in January, led by convertible arbitrage funds, which returned 5.59%, and equity short-bias funds, which rose 3.44%.

On the other side, emerging markets funds lost 2.63% and equity long-bias funds fell 1.12%.

RBC Capital Markets’ RBC Hedge 250 Index, by contrast, rose 1.46% last month, according to estimated returns. Likewise the Lyxor Hedge Fund Index, which returned 1.53% in January.

The top-performing strategy in the Lyxor index was fixed-income arbitrage, which returned 4.19%, followed by special situations (up 4.08%) and short-term CTAs (up 3.3%). Like the BarclayHedge Index, emerging markets funds were the worst-performing strategy, down 2.99%. Other losers included equity short-bias (down 2.32%) and equity long-bias (down 2.06%).

Meanwhile, Down Under, hedge funds inched up to begin the New Year. The Australian Fund Monitors Index added 0.7% in January, led by real-estate, managed-futures and currency funds. Real estate funds returned 3.34%, managed futures 3.18% and currency and foreign exchange funds 2%. On the other side, equity 130/30 funds lost 4.4%.


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