Pivotal Point of View — February 2020

Published 11 March 2020 · Covers February 2020

Originally issued as February 2020.

In the face of the worst month for global markets in almost ten years, hedge fund performance held up relatively well in February. Additionally, all strategies generated positive alpha for the fourth consecutive month.

−1.4%Composite, February

−1.1%Composite, year to date

−8.6%Composite, Q1

Volatility TradingLeading strategy

Headline strategy indices

Strategy	February	Year to date
Volatility Trading	+0.3%	+1.0%
Multi-Strategy	−0.0%	+0.6%
Credit	−0.4%	+0.3%
Equity Sector	−0.6%	−0.1%
Global Macro	−0.8%	−0.6%
Managed Futures	−1.3%	+0.1%
Event Driven	−1.8%	−1.9%
Equity Quant	−2.9%	−3.3%
Equity Diversified	−3.0%	−3.6%

Net of fees, in USD. The Composite plus the nine headline indices with a published monthly series; ordered by month return.

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