After getting off to a smashing start to the year, U.S. hedge funds turned in mixed results in February as stocks sold off, ranges narrowed and volatility collapsed. The Absolute Return Composite Index rose a meager 0.4% in February, according to preliminary research, putting its year-to-date total at 2.65%.
Technology strategies outperformed all others, even as the broad technology market fell. The Absolute Return Technology Index climbed 1.28% in February to total an impressive 4.97% for the year. The Nasdaq Composite Index, meanwhile, lost 1.06% for the month.
The broad global stock selloff hurt long-biased portfolios pursuing both U.S.