The Class F Lead Series of the Forge First Multi Strategy LP returned 4.89% in February, while the Class F Lead Series of the Forge First Long Short LP returned 3.80% over the same time period, both net of fees. The difference between the two is largely reflected by higher relative exposure levels in the Forge First Long Short LP, offset by positive performance from credit strategies in the Forge First Multi Strategy LP. Beta-adjusted net equity exposure was 46% in the Forge First Multi Strategy LP and 27% in the Forge First Long Short LP at month-end. Net credit exposure was 44% in the Forge First Multi Strategy LP and remained at 0% for our Forge First Long Short LP. Beta-adjusted net equity exposure was approximately 33% and 42% lower in each respective fund since January month-end. The reduction in exposure reflects long sales across equity positions in most sectors. Performance in February was led by attribution from the Industrials, Consumer, Energy, Real Estate and Materials sectors. The Technology sector detracted from performance, as did equity index hedges. Alpha during earnings season was strong in February across long and short equity positions. Long exposure to value and revisions factors, as well as cyclical sectors benefited performance. We discuss updates on key attribution drivers in the month of February below.
The Class F Lead Series of the Multi Strategy LP returned 1.31% in January, while the Class F Lead Series of the Long Short LP returned 0.74% over the same time period, both net of fees. The difference between the two is largely reflected by higher relative exposure levels in the Long Short LP, offset by positive performance from credit strategies in the Multi Strategy LP. Beta-adjusted net equity exposure was 79% in the Multi Strategy LP and 69% in the Long Short LP at month-end. Net credit exposure was 44% in the Multi Strategy LP and remained at 0% for our Long Short LP. Beta-adjusted net equity exposure was approximately 26% and 25% higher in each respective fund since December month-end, driven by increases in the Consumer and Industrials sectors. Performance in January was led by attribution from the Industrials, Energy and Communications sectors. The Consumer Non-Cyclical sector detracted from performance, as did equity index hedges. We discuss updates on key attribution drivers in the month of January below.
The Class F Lead Series of the Multi Strategy LP returned 0.32% in December, while the Class F Lead Series of the Long Short LP returned 0.20%, both net of fees. The difference between the two is largely reflected by higher relative exposure levels in the Long Short LP, offset by positive performance from credit strategies in the Multi Strategy LP. Beta-adjusted net equity exposure was 53% in the Multi Strategy LP and 44% in the Long Short LP. Net credit exposure was 48% in the Multi Strategy LP and remained at 0% for our Long Short LP. Beta-adjusted net equity exposure was approximately 11% and 8% lower in each respective fund since November month-end. Exposure increases in the Consumer, Energy and Industrials sectors drove increases in equity exposure month-over-month, while higher deltas on equity index hedges drove reductions to exposure. We will discuss our favourable outlook for these sectors later in the commentary. Net equity exposure was highest in the Technology, Industrials and Consumer sectors at year-end.
The Class F Lead Series of the Multi Strategy LP returned 1.73% in November, while the Class F Lead Series of the Long Short LP returned 1.22%, both net of fees. The difference between the two is largely reflected by higher relative exposure levels in the Long Short LP, offset by positive performance from credit strategies in the Multi Strategy LP. Beta-adjusted net equity exposure was 64% in the Multi Strategy LP and 52% in the Long Short LP. Net credit exposure was 31% in the Multi Strategy LP and remained at 0% for our Long Short LP. Beta-adjusted net equity exposure was approximately 9% and 18% higher in each respective fund since October month-end. The increase in net equity exposure was driven by increases in conviction long positions and lower deltas on equity index put options. Net equity exposure was highest in the Technology, Consumer and Industrial sectors.