Funds of hedge fundsÆ mojo is rising

Funds of hedge funds are gussied up again in the spring of 2009. In both January and February, funds of hedge funds, as a group, beat the hedge fund index. They were down in February -- losing just 0.2% -- yet in 2008 they were behind the Eurekahedge hedge fund index every single month of the year. In March, in the absence of there being a pre-Easter sag, fund performance will presumably be boosted by a beta-fuelled binge, so performance in the two rollercoaster months of January and…