The February returns for investable indexes Dow Jones Investable Indexes, Frontier Capital Multi Asset Platform Fund versus the indexes, Hedge Fund Research Indexes and Lyxor Alternative Index.

Dow Jones
The Dow Jones Credit Suisse Hedge Fund Index returned a positive 1.38% in February, almost double its positive January returns of 0.69%. All but two of the strategies finished the month with positive returns. Strongest performance coming from convertible arbitrage, up 2.9%. This was followed by managed futures, up 2.60%, a remarkable comeback from its negative returns of 0.82% in January. Multi-strategy (up 1.39%), event-driven (up 1.44%), fixed income arbitrage (up 0.93%) and equity market neutral (up 0.52%), also fared well. Global macro posted modest returns, up 1.28%, a significant increase from January when it was down 0.77%. Dedicated short bias was the worst performing strategy, down 3.37% for the month. It continued its poor performance since January when it was down 0.83%. Equity market neutral remained in negative territory but edged up from being down 0.39% in January to a marginal drop of 0.07% in February.

Frontier Capital
The Frontier Multi Asset Platform (MAP) Fund returned a positive 1.2% in February with seven out of eight asset classes showing positive returns. Global equities and global real estate were the best performing asset classes, both up 2.9%, followed by commodities, up 2.8%. Managed futures posted modest returns, up 1.1%. The worst performing asset classes were emerging equities, down 0.9% on the month, followed by emerging bonds and global bonds which were both up 0.2%. Over the five years to February 2011, the MAP strategy has generated 2.3% annualised returns with volatility of 9.5%. The Frontier Multi Asset Platform (MAP) is an investable fund tracking eight global asset class indices, using an asset allocation inspired by US university endowments such as Harvard and Yale.

HFRX
The HFRX Global Hedge Fund Index gained 0.73% in February, up from its 0.56% gain in January. All strategies made positive contributions, with the HFRX Event Driven Index posting a gain of 1.35%. All event driven sub-strategies posted positive returns. Equity special situations had the strongest contribution. Special situations showed a 1.83% gain. New deal announcements and spread tightening contributed to a gain of 0.64% for the HFRX Merger Arbitrage Index. Macro posted a gain of 0.93% for February with increases across systematic trend following and discretionary strategies. The HFRX Systematic Diversified Index posted a gain of 0.67% with significant contributions from energy and metals. Short US dollar exposure and long commodity also contributed to positive performance for discretionary macro strategies. Relative value arbitrage posted a gain of 0.60% with contributions from all sub-strategies. Equity hedge posted a gain of 0.23% for the month. The HFRX Equity Market Neutral Index was up 1.60%. Both the HFRX Fundamental Growth and the HFRX Fundamental Value indexes posted gains, 1.08% and 0.14% respectively.

Lyxor
The Lyxor Global Hedge Fund Index was up 1.1% in February, an improvement on January's flat performance. Futures traders focused on trends finished February in positive territory with the Lyxor Long-Term CTA Index gaining 0.6%. The Lyxor Short-Term CTA Index fared better, gaining 1.3%. The Lyxor Global Macro Index posted a 0.3% gain. Equity-oriented managers gave back gains when the Libyan situation first flared up, but recovered towards the end of the month with the L/S Equity Long Bias Index gaining 0.9% and the Variable Bias Index gaining 2.3%. The L/S Equity Market Neutral Index followed a steadier path gaining 1.6%. The Statistical Arbitrage Index gained 1.5%, with most of the increase made during the quieter first part of the month. Event driven managers navigated the month fairly well. The Special Situations Index was the best performer posting a 1.9% gain. Many positions are highly exposed to the economic recovery and these sectors made substantial gains during the first part of the month but fell hard once risk aversion spiked. Gold persistently gained over the month. The Distressed Index was up 0.7% as idiosyncratic opportunities gained in spite of geopolitical volatility. Arbitrage and relative value managers also found traction amid the volatility. The Lyxor Merger Arbitrage Index and L/S Credit Index each gained 0.9%. The Fixed Income Arbitrage Index posted a 0.7% gain. Convertible arbitrage index managers gained 0.5%.