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February 17, 2005 at 07:00 PM
LONDON (HedgeWorld.com)–After a string of positive months, the FTSE Hedge Global Index posted a negative return for January 2005, negative 0.6% in U.S. dollars and negative 0.4% in GBP.
The index is broken down into three styles. The biggest loser of the three was the directional style (-1.2%). Event-driven funds lost 0.4%, and non-directional funds were virtually unchanged (-0.1%).
Within that non-directional style, equity arbitrage did quite well, with a gain of 0.7%, and fixed-income relative value gained modestly, as well.
Within the directional strategy, the heaviest bleeding came from commodity trading advisers/managed futures, -3.8. Global macro funds lost 2.2%. January was a challenging month for developed equity markets worldwide, given higher energy costs and the fear that growth is slowing.
