The FTSE Hedge Global Index was up 0.6% in US$ and 0.8% in GBP. Which adds up to four months of consecutive positive returns.
Event-driven and directional styles led the way, returning in excess of 85 bps apiece. Though all three non-directional strategies were down on the month, the CTA managers continued their impressive run (+0.7%), making money in currency and equity markets.
Equity hedge managers enjoyed a successful month (+1.7%), benefiting from strong year-end performance in developed equity markets. In event-driven strategies, distressed and opportunity managers (+1.7%) enjoyed another excellent month, generating returns across the board from almost all of their sub-strategies.