Wed, 10/03/2010 - 13:03
Early estimates indicate the Credit Suisse/Tremont Hedge Fund Index will finish up 0.87 per cent in February, based on 76 per cent of assets reporting.
Managed futures posted the best performance among the sectors this month, rising 2.01 per cent, as managers were able to gain from long exposures to short term interest rates and short exposure to declining currencies such as the Sterling.
In response to an increase in market reversal situations and weaker overall signals, many trend followers also reduced risk allocation to equities and commodities.
Long/short equity funds performed in line with global equity markets in February, finishing up an estimated 1.58 per cent as managers benefited from a favourable fundamental stock picking environment.
Profits were driven largely by long exposures to cyclical sectors such as industrials, technology, and consumer discretionary, which outperformed during the month.
Despite overall positive returns, many European-focused managers finished the month in negative territory due to increased market turbulence in the EU region.
Global macro managers produced positive performance finishing up 1.25 per cent in February. The largest sources of profit came from fixed income and foreign exchange positions. Funds capitalized on European sovereign credit stresses by taking short positions on the Euro.
Moreover, managers with long front-end and short back-end positions on the yield curve benefited from an overall steepening in the curve which was largely driven by the Greek debt situation and the US Federal Reserve’s decision to maintain low rates.
Event driven funds finished up an estimated 0.48 per cent though returns were mixed across managers.
Multi-strategy managers finished up slightly as losses from market hedges and shorts sometimes outpaced gains from long event equity and credit positions.
Long-biased distressed managers experienced small gains on specific situations and credit improvements.
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