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Multi Strategy Performance February 2010

Multi-Strategy Funds in February

Multi-Strategy Hedge Funds Beat Market in February

The S&P Stock Index outperformed hedge funds last month, posting a 3% return compared to hedge funds' gaining less than 1%.  Those hedge funds that beat the market were typically multi-strategy.  It seems that funds with a very narrow focus have tended to struggle in the first two months of 2010 while many multi-strategy funds have continued last year's exceptional performance.
Daniel Loeb's Third Point Offshore fund was up 3.2% for February and 6.9% for the year through February, according to HSBC Private Bank; the fund is multi-strategy. And Brett Barakett's multi-strategy Tremblant Partners fund--which gained almost 30% in 2009--was up 4.6% net of fees for the year through March 5, thanks to a very strong February, according to a letter sent to investors last week. A multi-strategy fund run by BlueCrest Capital Management LLP's Michael Platt was up 1.1% during February, and is now up 4.5% for the year, according to HSBC. BlueCrest's fund invests in many different instruments, including fixed income, while Tremblant and Third Point both invest primarily in global equities.

If there's a general theme emerging for hedge funds in 2010, it's that multi-strategy funds like Loeb's and Barakett's rode their diversity to gains, while funds with more narrow focuses, like energy or emerging markets, have, along with the markets they invest in, struggled.  Source

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