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Funds' returns largely rebounded in February
after the stock market moved higher, helping erase some of
January's losses which were sparked by unexpected currency
moves, concerns over global growth and sliding oil prices.
For the year, the HFRI Fund Weighted Composite Index is now up
1.96 percent after inching up only 0.12 percent in January.
Some of February's strongest performers were the so-called
activist funds that push corporations to perform better by
making changes to leadership and balance sheets. These funds
climbed 4.4 percent, marking their strongest gain in two years.
They are now up 1.75 percent for the year to date.
Daniel Loeb's Third Point, which has recently waged campaigns at
Sotheby's and Dow Chemical Co, gained 4.8 percent while William
Ackman's Pershing Square Capital Management gained 5.8 percent
last month and Richard McGuire's Marcato Capital Management,
which recently stepped up its pressure on Sotheby's and took a
position in Bank of New York Mellon Corp last year, climbed 8.8
percent in February.
With the stock market recovering, so-called short sellers, who
bet securities will fall, lost 1.62 percent last month.
(Reporting by Svea Herbst-Bayliss; Editing by Lisa Shumaker)
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