MorningStar: Hedge Funds rose 1.9% in January

From HedgeCo.Net: The Morningstar MSCI Composite Hedge Fund Index, an asset-weighted composite of nearly 1,000 hedge funds in the Morningstar Hedge Fund database, rose 1.9% in January and advanced 6.3% for the trailing 12 months. Almost all Morningstar MSCI hedge fund indexes rose in January, and the trailing 12 months showed declines in only the Short Bias and Systematic Trading categories.

January started with a two-day rally in equity markets that accounted for most of the 5.2% rise in the S&P 500 Index for the month. The Morningstar MSCI North America Hedge Fund Index, which primarily includes long-short equity hedge funds, ended the month up 2.3%. Small-cap strategiesfaired even better. The Morningstar MSCI Emerging Markets Hedge Fund Index also rose substantially, up 3.0% in January, driven by positive economic news from China about GDP and exports. These positive signals also supported the performance of the Morningstar MSCI Asia Pacific Hedge Fund Index and MSCI AC Asia Index, which climbed 4.9% and 2.5%, respectively. Short sellers were caught short by the broad based rally, however, pushing the Morningstar MSCI Short Bias Hedge Fund Index down 5.2%....

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