Hedge Funds lost 1.53 per cent in February according to the Barclay Hedge Fund Index compiled by BarclayHedge, versus a 3.69 per cent decline in the S&P 500 Total Return Index. Year to date, the Barclay Index remains up 0.52 per cent, but lags the S&P which has gained 1.83 per cent.
“Reports of increasing wages, a strengthening economy, and job growth in the US stoked inflation fears and set the stage for the Dow’s decline of 1,175 points on 5 February, its worst ever single-day loss,” says Sol Waksman (pictured), founder and president of BarclayHedge.
Thirteen of Barclay’s 17 hedge fund indices lost ground in February. The Global Macro Index was down 3.08 per cent, Equity Long Bias lost 2.78 per cent, Pacific Rim Equities were down 2.14 per cent, and the Event Driven Index gave up 1.42 per cent.
“Many Global Macro funds started the month with long exposure to US equities and oil markets and found themselves confronted with difficult headwinds. Seventy-four per cent of macro funds incurred losses on the month,” says Waksman.
The Technology Index was up 1.15 per cent in February, adding to a 3.45 per cent January gain. Distressed Securities were up 0.63 per cent, and the Convertible Arbitrage Index gained 0.37 per cent.
After a strong performance in January, most hedge fund indices remain in positive territory in 2018. Technology leads all hedge fund strategies after two months with a 4.64 per cent positive return. Healthcare & Biotechnology has gained 3.75 per cent, the Emerging Markets Index is up 2.78 per cent, and Distressed Securities have gained 2.71 per cent.
Pacific Rim Equities have lost 0.76 per cent year to date, Merger Arbitrage is down 0.66, and the Equity Long Bias Index has slipped 0.25 per cent.
The Barclay Fund of Funds Index lost 1.69 per cent in February, but has a 0.43 per cent gain year to date.
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