Hedge Funds Rise 1.09% In January

Feb 18 2009 | 1:05am ET

Hedge funds bucked their recent track record and a dismal January for stocks to post broadly positive returns last month, according to the Credit Suisse/Tremont Hedge Fund Index.

The index rose 1.09% in January after shedding 19.07% last year. Nine of the twelve strategies tracked by the Credit Suisse Index Co. gained ground last month.

“Hedge funds showed signs of a rebound last month, finishing up over 1% despite U.S. equity markets experiencing the worst January in recent history. Convertible Arbitrage managers, in particular, posted positive performance, benefiting both from improved credit markets and overall increased buying interest in the space.” Oliver Schupp, president of the CS Index Co., added, “Global Macro managers also did well last month as market volatility created favorable trading opportunities.”

Convertible arb. funds, last year’s worst-performing strategy with a 31.59% loss, returned 5.72% in January. Dedicated short bias funds added 3.59% and multi-strategy funds added 3.35%.

Strategies on the losing side included managed futures, down 0.56%, long/short equity, down 0.17%, and emerging markets, down 0.14%.

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