Bloomberg – Hedge funds posted their first back- to-back gain in eight months in January, rebounding from record losses in 2008 as North American managers benefited from betting stocks would fall, an industry report showed.

The Eurekahedge Hedge Fund Index, which tracks more than 2,000 funds worldwide, gained 0.5 percent last month, extending the 0.8 percent advance in December, according to preliminary data compiled by Eurekahedge Pte. Last time the index rose for two months in a row was in April and May 2008. The January advance contrasts with the 8.9 percent slide by the MSCI World Index of stocks in developed markets.

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