Hedge Funds Mixed In March—Lyxor

Apr 13 2011 | 4:26pm ET

Hedge funds went out like a lamb in March, the average fund suffering a small loss, according to the Lyxor Global Hedge Fund Index.

The Lyxor index shed 0.3% last month, a modest number given the upheaval in the Middle East and North Africa and the tragic earthquake, tsunami and ongoing nuclear crisis in Japan. But markets stabilized by the middle of the month, allowing hedge funds to participate in the recovery.

Statistical arbitrage funds fared best on the month, rising an average of 1.3%, followed by convertible arbitrage funds at 0.8% and market neutral funds at 0.6%. Distressed, fixed-income arbitrage and long/short equity variable bias funds each returned 0.3% on the month, with long/short credit funds rising 0.2% and event-driven funds 0.1%.

The losers were "led" by special situations funds, which fell 1.5% in March. Commodity trading advisers lost 1.2%, global macro funds 0.5% and equity long-bias funds 0.1%.


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