Hedge funds were basically flat in April despite rising equities markets.
The Lipper Hedge Fund Composite Index returned just 0.02% on the month. As if to emphasize the underwhelming performance, other hedge fund strategies topped the charts in April, rising 1.65%. Emerging markets funds rose an average of 1.23%. Most of the rest posted returns of less than 1%.
Convertible arbitrage funds added 0.54%, while managed futures funds added 0.41%. Long-bias funds actually managed to do slightly worse than the overall index, rising just 0.01%, despite the fact that the Standard & Poor’s 500 Index returned 1.57%.
Equity long/short funds lost 0.11% on the month.