Dow Jones – Many hedge funds lagged stock market indexes and took the wrong side of currency and interest-rate bets in January, in a lackluster start to the year for the industry.
The HFRX Global Hedge Fund Index, tracking about 250 funds that report on a daily basis, gained 0.56% in January, far less than the S&P 500’s 2.4%. Treasury yields were little changed in the month as a mixed outlook for the U.S. economy led investors to reset their expectations on when interest rates might rise.
