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North America and emerging markets help hedge fund returns

graph upMore hedge fund results out today reflect a good start to the year for a range of strategies, except managed futures.

Data firm Eurekahedge said that hedge funds returned 0.84% in January.

This is lower than the main broad market index, the MSCI AC World Index (Local), which returned 1.49% and suggests even passive strategies would have beaten hedge funds. However, individual strategies were more competitive.

These included North America funds, which returned 1.05%, and emerging markets funds, which returned 2.41%.

Hedge funds investing in Europe only returned 0.57%.

The Eurekahedge CTA/Managed Futures Hedge Fund Index declined 0.65% for the month with underlying “trend-following” hedge funds leading much of the weakness, down 1.17% over the same period.

HFR, another hedge fund performance data provider, last week also highlighted the struggling performance of CTA – or ‘commodity trading advisor’ – funds. CTAs are often described as trend followers and use managed-futures strategies.

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