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Hedge funds extended their losing streak to a second consecutive month in February, posting a loss of -0.3%

Tuesday, March 15, 2022
Opalesque Industry Update - Hedge funds extended their losing streak to a second consecutive month in February, posting a loss of -0.3% as markets priced in the rapidly escalating Russia-Ukraine conflict and rising expectations for faster monetary policy tightening globally. Managed futures and macro funds were the biggest gainers of the month, up 2.8% and 1.2%, respectively.

HFM's Global Composite Index was down -0.3% in February and -1.6% year-to-date.

Billion Dollar Club funds declined -0.9% in 2022, outperforming smaller funds, which lost -2.0%.

Managed futures posted their third consecutive month of positive returns in February, supported by the 30.6% gain of the S&P Goldman Sachs Commodity Index over the past three months. Managed futures and macro were the only two top-level strategy indices that posted positive returns in 2022 with returns of 3.2% and 0.9%, respectively.

RV/arbitrage posted their fifth month of positive returns over the past six months with a 0.3% gain in February, partially recovering their -0.8% loss in January.

Multi-strategy, L/S equity and fixed income/credit are in performance lockstep with the global composite over the past three months.

FoHFs retreated -1.0% in February, extending their losses in 2022 to -3.3% as the increased uncertainty over the outcome of the Russia-Ukraine conflict exacerbated the challenges for fund selection professionals.

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