The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
Last updated 14 hours ago
Mar 17 2009 | 3:27am ET
Hedge funds lost ground last month after a brief rebound from last year’s disastrous returns, according to a pair of indices.
The Credit Suisse/Tremont shed 0.88% in February after January’s 1.09% rise, leaving it up 0.2% on the year, while the HFRI Fund Weighted Composite Index dropped 1.13% on the month, leaving it down 1.19% year-to-date.
Six of the 10 substrategies tracked by Hedge Fund Research’s HFRI indices were in the red last month, with equity-market neutral funds taking the biggest beating, losing 5.61% (down 4.53% YTD). Emerging markets funds (down 2.1% in February, down 2.24% YTD) and long/short equity funds (down 1.34%, down 1.51% YTD) also took big hits.
Dedicated short-bias hedge funds were the best performers last month, one in which the Standard & Poor’s 500 Index lost 10.17%, returning 3.22% (7.03% YTD). Fixed-income arbitrage funds also did well, rising 1.01%.
The much more pessimistic HFRI indices showed just five of 23 strategies and substrategies in positive ground last month. Short bias funds were up 4.03% (6.96% YTD) and fixed-income convertible arbitrage funds added 2.55% (7.68% YTD).
The more numerous losers were “led” by quantitative direction funds (down 3.78%, down 6.46% YTD), Russian and Eastern Europe funds (down 2.59%, down 9.92% YTD) and equity hedge funds (down 2.19%, down 3.02% YTD). Funds of funds lost 0.32%, and are up 0.38% on the year.