Hedge funds as measured by the Greenwich Global Hedge Fund Index fell slightly during the month of January to begin the year. The GGHFI returned -1.04% compared to global equity returns in the S&P 500 Total Return -3.60%, MSCI World Equity -4.19%, and FTSE 100 -4.14% equity indices. 45% of constituent funds in the GGHFI ended the month with gains.