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“The first half of February saw a continuation of January’s downtrends in equities, energy, and high yield,” says Sol Waksman, founder and president of BarclayHedge.

“At mid-month, energy prices began to rise, the Bank of China intervened in currency markets to defend the Yuan, and positive economic news in the US breathed new life into risk assets and equity markets snapped back.”

Overall, 12 of Barclay’s 18 hedge fund indices had losses in February. The Pacific Rim Equities Index was down 2.99%, Healthcare and Biotechnology lost 2.61%, Distressed Securities were down 2.17%, and European Equities gave up 1.32%.

“A little less than half, approximately 42 percent, of the funds tracked by BarclayHedge were able to navigate successfully through February’s turbulent markets,” says Waksman.

On the positive side, the Equity Short Bias Index gained 4.71% in February, Technology was up 0.87%, Merger Arbitrage gained 0.63%, the Event Driven Index was up 0.40%, and Global Macro added 0.50%.

After two months in 2016, all but two hedge fund indices have lost ground. The Healthcare and Biotechnology Index has dropped 11.52%, Pacific Rim Equities Index is down 5.56%, Equity Long Bias has lost 5.47%, Distressed Securities are down 5.30%, and the Emerging Markets Index has lost 4.70%.

The Barclay Fund of Funds Index was down 1.24% in February, and has lost 3.66% year to date.