Hedge Fund performance in February has been quite mixed, with some more acute negative observations primarily in the quantitative space.

Overall hedge funds had a positive month in January, with losses in the last few days partly blunting what was still a good month across nearly all strategies.

Returns have come fairly easy to most long-only investors this year. The S&P 500 has gained 17% or so with a couple of c3% drawdowns.

The events of October 2017 did nothing to dissuade us of the fundamental case that central banks are now committed to tighter monetary policy across the Developed Markets.