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"The global impact of war in Ukraine created difficult conditions for hedge fund managers in February," said eVestment Global Head of Research Peter Laurelli. "Only about one-third of hedge funds are producing positive results so far this year, though industry performance relative to broad equity or fixed income indices is favorable."

Among all hedge fund types eVestment tracks, Commodities hedge funds were the strongest performers in February with aggregate returns at +4.32%. These funds are also the strongest performers YTD, with aggregate performance so far in 2022 at +8.55%, and were among the top performers in all of 2021 with aggregate performance last year of +20.87%.

At the bottom of the performance rankings, perhaps unsurprisingly, are Russia-focused hedge funds, which saw February aggregate returns come in at -19.51%, bringing YTD performance to -24.26%.

Among the primary strategies eVestment tracks, Managed Futures hedge funds were the top performers, with aggregate returns of +2.39%, bringing YTD aggregate returns to +3.58%.

At the other end of the primary strategies spectrum, Origination & Financing hedge funds had the worst performance among primary strategies eVestment tracks, coming in at -4.54% in February. These funds' aggregate returns YTD stand at -6.81%.

Equity-focused funds have had a rough start to 2022. Among the primary hedge fund markets eVestment tracks, Equity funds came in last in aggregate performance at -1.08%, with YTD performance at -4.32%.

Long/Short Equity funds saw aggregate performance come in at -0.70% with YTD aggregate performance at -4.30%.

Among Equity fund subsectors eVestment tracks, Equity-Energy, Equity-Healthcare and Equity-Technology hedge funds all turned in negative aggregate performances in February and YTD. Only Equity-Financials funds, at +1.90% in February and +1.47% YTD are in positive territory among these Equity sub sectors.