Investing March 15, 2001

Short Sellers Strong in February

March 15, 2001 (PLANSPONSOR.com) - The CSFB/Tremont Hedge Fund Index was down 0.6% in February, but the results of the nine style-driven sub-indices varied widely in the midst of tumultuous markets.
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Year-to-date through February 28, the CSFB/Tremont Hedge Fund Index is up 0.4%.

The top performer for the group was dedicated short bias, which was up 8.3% for the month, and tops the year-to-date statistics as well with a 6.7% gain.

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Convertible arbitrage maintained a consistently strong performance, up 2.1% in February and 2.7% in January, for a 4.9% gain year-to-date.

February returns for the remaining sub-indexes were:

  • Emerging Markets – down 2.9%
  • Equity Market Neutral – up 0.9%           
  • Event Driven – up 1.6%  
  • Fixed Income Arbitrage – up 0.5%   
  • Global Macro – up 1.0%
  • Long/Short Equity – down 2.4%
  • Managed Futures – up 0.1%

The CSFB/Tremont Hedge Fund Index is comprised of 334 funds, and constructed using a database of more than 2,600 hedge funds. It includes both U.S. and offshore funds, but does not include funds of funds.  Only funds with at least $10 million under management are included.

Performance for the CSFB/Tremont Hedge Fund Index and the nine style-driven sub-indices are calculated monthly.

Investing March 14, 2001

Selling Short Pays Off For February Hedge Fund Returns

March 14, 2001 (PLANSPONSOR.com) - The average US hedge fund suffered a 2.5% loss in February, according to Van Hedge Fund Advisors International, outperforming major US indexes for the month.
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Year-to-date through February the Average US and Offshore Hedge Funds have posted slight gains of 0.5% and 1.4%, respectively.

In fact, according to Van Hedge Fund Advisors, almost 50% of hedge funds reporting posted positive returns in February, while over 88% beat the S&P 500 for the month.

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Not surprisingly given the rough markets in February, the best performing strategies were Offshore Short Sellers, US Short Sellers and Offshore Market Neutral-Securities Hedging, which had net returns of 11.5%, 9.3% and 2.0%, respectively.

For the year to date through February, US Emerging Markets Hedge Funds have posted the best net return of 11.9%. Offshore Short Sellers and US Short Sellers have gained 11.6% and 9.4%, respectively.

For the month, the hedge fund returns by investment strategy were:

  • Aggressive Growth off 7.7%
  • Distressed Securities – off 0.3%
  • Emerging Markets – off 2.8%
  • Fund of Funds – off 0.8%
  • Income – up 0.9%     
  • Macro – off 2.7%
  • Market Neutral – Arbitrage – up 0.9%     
  • Market Neutral – Securities Hedging – up 1.7%
  • Market Timing – down 4.2%
  • Opportunistic – down 5.3%
  • Several Strategies – down 1.5%
  • Short Selling – up 9.3%
  • Special Situations – down 0.4%
  • Value – down 2.7%

The hedge fund returns presented are net of fees and performance allocations. The February Index was created using a sample of 742 funds.


 

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