Equities: Pequot, Balyasny log outsized gains


A broad range of hedge fund strategies got off to a running start in 2006, but none more so than long/short equity, which in January benefited from the stock market's upward bias and a big increase in volatility. The Absolute Return Global Equity Index rose 4.35%, as net long funds benefited from a broad-based global rally, particularly in Europe and the emerging markets of Brazil, Argentina, Russia and Korea. Those returns were in line with the benchmark MSCI World Index, which gained 4.4%.

And, after an unremarkable year in 2005, U.S. equity strategies gained a median 3.19% for the