Hennessee: Hedge Funds Up 3% In March

Apr 9 2010 | 1:24am ET

Hedge funds enjoyed their best month in six in March, soaring more than 3%.

The average hedge fund rose 3.05%, according to the Hennessee Group. The Hennessee Hedge Fund Index is up 3.35% since January. Both figures trailed the Standard & Poor’s 500 Index, which jumped 5.88% last month and is up 4.87% on the year.

Emerging markets funds did best, rising 5.47% on the month. Financials hedge funds added 5.36%, distressed funds 5.32% and Asia-Pacific funds 5.28%.

Unsurprisingly, short-biased hedge funds suffered on the month, losing 5.24% in March (down 5.6% year-to-date).

“Investors remain willing to assume greater levels of risk, and equity markets rallied sharply in March,” Hennessee’s Charles Gradante said.

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