Middling April For Hedge Funds

May 13 2010 | 3:22am ET

April wasn’t the cruelest month for hedge funds. But it wasn’t much to write home about, either, according to Dow Jones Hedge Fund Indexes.

The equity long/short benchmark did the best on the month, rising 1.45% (5.11% year-to-date). Merger arbitrage funds added 0.83% (1.49% YTD), while event-driven funds returned 0.58% (2.94% YTD).

By contrast, the Standard & Poor’s 500 Index rose 1.57% in April and is up 7.05% on the year.

Dow Jones’ convertible arbitrage, distressed securities and equity market-neutral benchmarks remained suspended in April.

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