Hedge funds post monthly gains

The Hindu Business Line - - MUTUAL FUNDS - BLOOMBERG

Hedge funds gained 2.9 per cent in Jan­uary, the first pos­i­tive re­turn since July, as the rally in stocks of­fered man­agers some re­lief.

Six out of seven strate­gies made money, ac­cord­ing to pre­lim­i­nary fig­ures from the Bloomberg Hedge Fund Data­base. Event-driven funds led the pack, ris­ing 5.4 per cent.

Sep­a­rately, Hedge Fund Re­search re­ported on Thurs­day that the in­dus­try gained 3.5 per cent on a fund-weighted ba­sis, the strong­est monthly in­crease since Septem­ber 2010.

Jan­uary’s gains mark rare good news for fund man­agers. The in­dus­try had its worst per­for­mance last year since 2011 as many were un­able to side­step the volatil­ity that pum­melled mar­kets. Among the win­ners last month were multi-strat­egy funds run by Ken Grif­fin and Steve Co­hen.

Michael Hintze’s flag­ship fund at CQS UK posted its best gain in more than two years.

Eq­uity hedge funds posted notable in­creases last month, ris­ing 4.4 per cent in part due to emerg­ing-mar­kets gains. Emerg­ing-mar­ket equities surged 8.7 per cent last month and the S&P 500 In­dex jumped 7.9 per cent. CTA/man­aged fu­tures were the only lag­gard last month, fall­ing 1.3 per cent.

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