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For the second consecutive month, hedge funds outperformed the S&P 500 Total Return Index which was down -2.99% in February.

So far in 2022, the S&P 500 Total Return Index has shed a total of -8.01%, whereas the hedge fund industry is down less than half as much (-3.55%).

Most hedge fund subsectors were in the red in February, though seven managed to post gains. The Distressed Securities Index was up 2.66% for the month, while the Global Macro Index gained 1.18%, the Emerging Markets Sub-Saharan Africa Index advanced 1.10%, and the Event Driven Index returned 0.62%.

Other February gainers included the Merger Arbitrage Index, up 0.27%, the Equity Market Neutral Index, advancing 0.08%, and the Multi Strategy Index, returning 0.04%.

Among the subsectors recording monthly losses in February were the Emerging Markets Eastern Europe Index, down -9.44%, the Emerging Markets Global Equities Index, retreating -4.81%, the Fixed Income Arbitrage Index, losing -2.73%, the Emerging Markets Index, giving up -2.62%, and the Volatility Trading Index, off -2.56%.

The majority of hedge fund subsectors lost ground for the year to date as well. Among those bucking the trend were the Emerging Markets Latin American Equities Index, up 4.33%, the Emerging Markets MENA Index, gaining 2.12%, the Global Macro Index, advancing 2.02%, the Emerging Markets Sub Saharan Africa Index, returning 0.97%, and the Distressed Securities Index, up 0.83%.

Subsectors in the red for the year to date included the Emerging Markets Eastern European Equities Index, down -13.55%, the Healthcare & Biotechnology Index, off -10.62%, the Technology Index, retreating -10.20%, the Emerging Markets Asian Equities Index, losing -6.60%, and the Emerging Markets Global Equities Index, down -6.00%.

"Equity markets continued trending broadly downward in February, as the specter of war in Europe joined surging inflation and a lingering pandemic to form a potent triumvirate of globally-disruptive forces," observed Ben Crawford, Head of Research at BarclayHedge. "Investors were already jittery, grappling with the prospect of all-but-certain interest rate hikes and the stress of price inflation not seen in 40 years. The Russian Federation's unprovoked, full-scale invasion of Ukraine could scarcely have come at a worse time."

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