HFN: Hedge Funds Barely Budge In March

Apr 12 2011 | 4:03pm ET

Hedge funds were essentially flat in March, according to a new report from HedgeFund.net.

The HFN Hedge Fund Aggregate Index rose just 0.06% last month, in line with the Standard & Poor’s 500 Index. The hedge fund benchmark is up 1.37% through the first quarter, while the S&P is up almost 6%.

Emerging markets were the place to be in March, rising an average of 2.65% (1.58% year-to-date). In particular, hedge funds focused on India, Brazil and Latin America surged, rising 6.67% (down 6.76% YTD), 2.94% (1.05% YTD) and 2.58% (0.87% YTD), respectively. Japan-focused funds fell 4.8% (down 0.98% YTD) in the wake of the massive earthquake and tsunami that devastated the country’s northern coast on March 11.

Other strategies were decidedly mixed last month: Energy sector funds rose 1.69% (6.44 YTD), while short-bias funds tumbled 2.06% (down 5.56% YTD). Major strategies such as long/short equity and distressed debt were essentially flat, the former dropping 0.1% (up 1.28% YTD) and the latter rising 0.03% (2.97% YTD).

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