Alternative UCITS funds made further gains last month according to Alix Capital, provider of the UCITS Alternative Index Global which climbed 0.87 per cent to put it +2.25 per cent YTD. Like January, February saw all alternative UCITS strategies posting positive returns. Emerging Markets, Commodities and Long/Short Equity led the way with gains of 2.12 per cent, 1.39 per cent and 1.04 per cent respectively. Emerging Markets funds are now up an impressive 6.25 per cent for the year. Market Neutral, CTA and Volatility strategies recorded modest returns of 0.17 per cent, 0.43 per cent and 0.58 per cent respectively. By comparison, returns for CTA and long/short equity strategies in the recently launched UAIX series of single strategy investable benchmarks were slightly higher for February. The UAIX CTA index gained 3.41 per cent whereas the UAIX Long/Short Equity index gained 1.56 per cent. These indices are more volatile, notes Alix Capital, than their UAI counterparts because they are based on a small number of constituent funds.