Indices Show Hedge Funds Down In Feb.

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.


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