Funds do their job and hedge the market


February was another grim month, as the MSCI Pacific Free dropped 10.45%, bucked only by Shanghai's 4.63% gain.

However, through the gloom the AsiaHedge medians brought a measure of warmth. Most strategies did what they were supposed to do in a market downturn. The Asia including Japan median, for example, was down just 0.29% in February, compared to the market's 10%-plus drop.

Asia excluding Japan also did well - down 0.96% on the month compared to -4.98% for the MSCI Pacific ex-Japan market benchmark.

Of the single country strategies, China managers managed a median of -0.48%: down on