* Commodities portfolio lost 5 pct in February
* Fortress macro funds recorded gains
* Greenlight, Third Point funds had strong month
By Katya Wachtel
NEW YORK, March 6 Fortress Investment
Group's commodities fund battled through February,
losing 5 percent in a month when global financial markets
rallied, according to figures published in an regulatory filing
The portfolio is now down 5.43 percent for the year.
But the firm's macro strategies fared much better last
month, eking out gains as Greece moved closer to securing a 130
billion euro bailout and the Standard and Poor's 500 stock index
rose 4.1 percent.
The firm's flagship macro fund, run by Michael Novogratz and
Adam Levinson, gained 0.8 percent in February, sending yearly
returns to 4.71 percent.
The Fortress Asia Macro fund rose about 1.5 percent, pushing
returns for the year to 3.76 percent.
The firm's liquid hedge funds were a sore point in 2011,
with nearly all capital ending the year below respective high
watermarks, Chief Financial Officer Daniel Bass told an earnings
conference call last month.
While the commodities fund sank in February, strong results
across Fortress's macro funds will be a relief for investors,
especially as some macro competitors saw their returns dive over
the same period.
Former UBS trader Marc Malek's Conquest Macro Fund sank 5.77
percent in February. The fund is down almost 10 percent for the
year, according to data from HSBC Private Bank.
Other hedge fund managers struck gold in February, including
some of the $2 trillion industry's best known names.
David Einhorn's Greenlight Capital LP fund rose 3.1 percent
last month, sending yearly returns over 6 percent, according to
a person familiar with the firm.
Dan Loeb's Third Point Ultra fund also climbed in February,
with returns of 1.6 percent, according to HSBC Private Bank.
Through Feb. 29, the fund is up about 7.5 percent.
The S&P 500 rose about 8 percent through February.