Equity-focused hedge fund strategies exhibited returns that were broadly consistent with market dynamics in February, according figures released by Edhec-Risk.
Edhec’s long/short equity strategy (0.41 per cent) showed some negative alpha, the equity market neutral strategy (0.34 per cent) mildly positive alpha, whereas the event driven strategy (0.49 per cent) performed in line with its modelled dynamic exposure.
The convertible arbitrage strategy (0.21 per cent) managed to post its ninth consecutive gain despite almost flat equity exposure and associated fixed-income risk drivers weakening.
The CTA global strategy, structurally unable to extract any alpha from the markets in their current, persisting regime, disappointed once again with a 0.97 per cent loss.
As a mere average of lacklustre components, the funds of funds strategy scored an unimpressive 0.26 per cent gain, which furthermore implies a negative idiosyncratic performance.