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According to eVestment Global Head of Research Peter Laurelli, eVestment data shows the majority of funds seeing new money in February. "Reported data indicated over 60% of funds had net inflows in February, following about 50% that saw new money in January," he said. "This means the incoming assets are being relatively widely distributed."

Multi-Strategy hedge funds were the big asset winners among major hedge fund strategies eVestment tracks, with investors adding +$5.34 billion to these funds in February. This also puts Multi-Strategy funds at the top of year-to-date (YTD) new money among major strategies, with investors adding +$8.98 billion since the beginning of 2021.

Event Driven hedge funds were another big asset winner in February, pulling in +$2.47 billion in new money. This brings their YTD total of new money to +$3.30 billion.

Long/Short Equity funds saw strong investor interest in February, with investors adding +$2.23 billion to these funds last month. These funds are negative for flows YTD at -$1.47 billion. According to Laurelli, however, "more than half the funds in this universe actually have seen net inflows YTD and removing a small handful of products which had a difficult stretch, overall net flows would be firmly positive."

Net flows for emerging markets focused funds appear uninspiring at first - essentially flat in February and YTD, but looking at various segments of emerging markets tells another story. Redemptions have come from funds focused on Eastern Europe and Latin America, while there have been meaningful allocations to Macro-oriented Emerging Markets funds and to those focusing on Chinese equities.

Managed Futures funds saw the biggest investor redemptions in February, but even that amount of outflows, -$160 million, was small. The other two major strategies in the red for assets in February - Distressed Funds and Market Neutral Equity - both saw less than -$80 million leave.