NEW YORK (HedgeWorld.com)–Reporting funds in the MSCI Hedge Fund Composite Index posted a loss of 0.4% in January. The figure is based on results reported by about 60% of the funds in the index.
The index had shown a positive 1.3% performance for December 2004 and was up 6.6% for the year at the end of December.
Of the index’s five subcategory tracks, three were up slightly for January, one was down and one was flat.
Dragging the overall index into negative territory was the Directional Trading category, down 2.6% for the month. MSCI defines directional trading strategies as those based on speculation on the market prices of currencies, commodities, equities and bonds in the futures and cash markets.