Canadian hedge funds returned about 1% last month, more or less on pace with their peers to the south of the border and around the world.
The Scotia Canadian Hedge Fund Performance Index rose 1.02% in April and is up 4.37% on the year.
“In line with global peers, Canadian hedge fund managers made modest aggregate gains in April, and continue to maintain a cautious stance in light of uncertainty over the direction of capital markets,” Scotia Capital said.
Globally, hedge funds returned between 1% and 1.5%, according to several major hedge fund indices. By contrast, the Standard & Poor’s 500 Index rose 1.57% on the month, and is up 7.05% on the year, while the S&P TSX Composite, which tracks Canadian stocks, rose 1.44% in April and is up 3.96% on the year.