Excluding the impact of funds of funds, the index dropped -0.2% net last month. The Van US Hedge Fund Index and the Van Offshore Hedge Fund Index, which specifically focus on US-domiciled and non-US-domiciled hedge funds, respectively, parted ways in February with returns of -0.3% net and 0.1% net. The Global Index includes both US and offshore funds.
February’s top-performing strategies were Short Selling, Macro and Distressed Securities, which posted net gains in the Global Index of 2%, 1.5% and 1%. Short Selling was also the highest returning of the Index’s fourteen strategies last year while Macro and Distressed Securities funds have also been among the better performers in recent months. Aggressive Growth, which fell 1.5% net in February, was the only Global Index strategy to lose over 1% in that month.
The Van Global Hedge Fund Index climbed to a value of 9,090.61 in February compared to its beginning value of 1,000 in January 1988. Final February returns for the Van Hedge Fund Indices will be calculated at the end of March.
February’s report compared with a 0.7% gain net of fees in January (See Van Global Hedge Index Starts 2003 in the Black).