The HFRX Merger Arbitrage Index gained +1.02% from exposure to Technology, Healthcare and Consumer Cyclical as activity in global M&A continued. HFRX Macro/CTA Index posted a gain of +1.29% for February, from gains in Systematic trend-following managers which were partially offset by declines in Global Discretionary strategies. The HFRX Macro Systematic/CTA Index posted a gain of 2.96% as the US Dollar gained against most major currencies but declined against the British Pound; Energy, Copper, Platinum and Aluminum rose while Gold declined and most Agricultural commodities posted gains. Macro Discretionary managers posted declines for the period from exposure to opportunistic Fixed-Income, currency and multi-asset strategies. HFRX Relative Value Arbitrage Index gained +0.41% for February from gains in Convertible Arbitrage and Multi-Strategy managers.