The HFRI Fund Weighted Composite Index® from Chicago-based showed a 0.19 per cent slip in January, with declines in the equity hedge and event-driven strategies only partially offset by gains in the macro and relative value arbitrage strategies.

The HFRI 500 Fund Weighted Composite Index, an investable index of 500 hedge funds, fell by 0.03 per cent in January. Liquid alternative UCITS strategies also posted mixed performance for the month, HFR said.

Macro hedge funds led strategy gains for the month, as investor risk tolerance fell sharply into month-end on uncertainty associated with the contagion of the coronavirus. The HFRI Macro (Total) Index gained 0.6 per cent in January, led by the HFRI Commodity Index, which gained 1.6 per cent.