The UCITS HFS Index recorded a moderately positive 2014, although it did not start into the year too well with a January performance of -0.15%. After it turned positive in February it never turned negative from a year to date perspective again, despite seven down months. The fact that the biggest monthly loss was only -0.29% contributed to this as well as that the highest monthly return (0.82%) occurred right in February. The UCITS HFS Index finishes 2014 with a performance of 1.62% for the year, only -0.24% below its all-time high just reached after the first week in December 2014.
From a sub-strategy perspective seven of the twelve strategies returned money for investors. The top performing strategies were CTA (9.03%), Fixed Income (3.40%) and Global Macro (3.16%). While CTA made more than half of its profits just in the last two months of the year, Fixed Income steadily added gains month after month except for two down months. It was also the only strategy except Convertible that stayed positive from a year to date perspective for the whole of 2014.
Five strategies ended the year in the red, but only Commodity (-3.68%) and Event Driven (-0.74%) had to take more than a marginal loss. Although Commodity holds the record for the most down months in 2014 (8) it only turned negative from a yearly perspective in September, just like Event Driven. Commodity finishes as the worst performing strategy of the year for the third year in row.