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By comparison, the S&P 500 Total Return Index rose 3.21% for the month. Year to date, hedge funds gained 4.98% while the S&P was up 11.48%.

"Markets quickly overcame the downdraft precipitated by a strong US wage growth report that stoked inflation fears and rising interest rate jitters early in the month," said Sol Waksman, president of BarclayHedge. "Multiyear highs for corporate profits and consumer confidence were able to promptly recapture investor enthusiasm."

Among the leading performers among hedge fund sectors in February were the Healthcare & Biotechnology Index with a 3.10% return, the Emerging Markets Global Fixed Income Index which posted a 3.43% return, the Emerging Markets Asia Index which returned 2.72% and the Technology Index with a 2.63% return.

With financial conditions tightening in many emerging market countries, several emerging markets indices were among those posting negative returns in February. The Emerging Markets Latin America Index was down 2.31% in February, the Emerging Markets MENA Index was down 1.05% and the Emerging Markets Eastern Europe Index dropped 0.98%.

Through 2019's first two months year-to-date return leaders included the Healthcare & Biotechnology Index which was up 13.00% on the year, the Emerging Markets Global Fixed Income Index with a 9.32% year-to-date return, the Equity Long Bias Index which was up 8.44% through February and the Technology Index with a 7.51% year-to-date return.