Thursday, 18 December 2014
Last updated 13 hours ago
Mar 10 2009 | 12:27pm ET
Hedge funds had a decidedly mixed February, according to Hedge Fund Research.
The firm’s HFRI Fund Weighted Composite Index—one of the few hedge fund indices to show a loss in January—continued its downward movement, shedding 0.51% last month (down 0.59% year-to-date). But some strategies enjoyed strong returns in February, none more so than relative value.
Relative value funds added 1.13% last month (3.14% YTD), when four out of five relative value substrategies were in the black. Fixed-income convertible arbitrage funds led all comers tracked by the HFRI indices, returning 3.26% on the month (8.3% YTD), and relative-value multi-strategy funds (up 1.35% in February, 3.6% YTD) and fixed-income asset-backed funds (up 0.87%, 2.63% YTD) also had a strong February.
All other strategies were much more mixed. Macro funds were essentially flat, rising 0.05% (down 0.02% YTD), while systematic diversified macro funds shed 0.06% (down 0.53% YTD). Equity hedge funds lost 1.38% in February (down 2.22% YTD); short-bias funds had a field day amidst declining equities markets, returning 3.16% (up 6.06% YTD), which quantitative directional funds took a beating, down 1.88% (down 4.53% YTD).
Emerging markets funds fared little better, dropping 0.85% in February (down 2.75% YTD). Only global emerging markets funds turned a profit last month, rising 0.36% (down 0.52% YTD), while funds focused on Asia ex-Japan (down 1.46%, down 2.89% YTD), Russian and Eastern Europe (down 1.29%, down 8.57% YTD) and Latin America (down 0.92%, up 0.57% YTD) lost ground.
Event-driven funds lost 0.92% in February on average (down 0.57% YTD), as distressed and restructuring hedge funds fell 0.87% (up 0.12% YTD), but merger arbitrage funds added 0.63% (up 0.94% YTD).
Funds of hedge funds also lost ground, dropping 0.31%, but remain in positive ground year-to-date at 0.36%.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.