Funds of Hedge Funds Performance

Key makes strong global equity gains

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When the global equity fund of funds universe was only up 0.2% in January, due to a sharp decline in the underlying global equity markets, Key Hedge Fund started 2009 with an impressive gain of 2.27%.

The fund, which is managed out of London by Key Asset Management, benefited from strong returns in relative value arbitrage, which makes up 35% of the portfolio, the 17% allocation to multi-strategy and equity/long short strategies, which are 15% of the portfolio.

Of the 24 managers within the portfolio, 17 reported gains, while the remaining seven were negative. In terms of underlying