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This month’s key industry stories


Barclay CTA Index falls 2.89% in February

The flash estimate for the Barclay CTA Index, compiled by BarclayHedge, indicates a 2.89% loss in February. Year to date, the Index is down 0.33%. “Although the month was marked by a mix of trend extensions and trend reversals in key market sectors, reversals ruled and 77 percent of CTAs incurred losses in February,” says Sol Waksman, founder and president of BarclayHedge. The Diversified Traders Index fell 4.49%. In February, Systematic Traders were down 3.67%, and Financials/Metals Traders lost 1.90%. “A record string of fifteen consecutive monthly gains for the S&P 500 ended with the Dow’s worst ever daily loss, the ongoing rally in oil prices came to an abrupt end, and both precious and industrial metals prices traded lower at month end,” says Waksman. On the positive side, Currency Traders gained 0.86%, Agricultural Traders were up 0.37%, and Discretionary Traders added 0.23%. After two months in 2018, the Discretionary Traders Index has gained 1.43%, Agricultural Traders are up 1.26%, and Financials/Metals Traders have a 0.49% positive return. Systematic Traders are down 0.28% year to date, and Diversified Traders have lost 0.18%. The BTOP50 Index, which is composed of the largest CTAs open to new investment, dropped 5.35% in February, and is currently down 2.40% for the year.

Barclay Hedge Fund Index Down 1.53% in February Hedge Funds lost 1.53% in February according to the Barclay Hedge Fund Index compiled by BarclayHedge, versus a 3.69% decline in the S&P 500 Total Return Index. Year to date, the Barclay Index remains up 0.52%, but lags the S&P which has gained 1.83%. “Reports of increasing wages, a strengthening economy, and job growth in the US stoked inflation fears and set the stage for the Dow’s decline of 1,175 points on February 5th, its worst ever single-day loss,” says Sol Waksman, founder and president of BarclayHedge. Thirteen of Barclay’s 17 hedge fund indices lost ground in February. The Global Macro Index was down 3.08%, Equity Long Bias lost 2.78%, Pacific Rim Equities were down 2.14%, and the Event Driven Index gave up 1.42%. “Many Global Macro funds started the month with long exposure to US equities and oil markets and found themselves confronted with difficult headwinds. Seventy-four percent of macro funds incurred losses on the month,” says Waksman. The Technology Index was up 1.15% in February, adding to a 3.45% January gain. Distressed Securities were up 0.63%, and the Convertible Arbitrage Index gained 0.37%.

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About The Hedge Fund Journal

Informing the Hedge Fund Community. With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.