Hedge Funds Add 1.44% In April

May 4 2011 | 11:52am ET

Hedge funds bounced back in April, but still badly lag the broader markets, the Credit Suisse Index Co. said today.

The Dow Jones Credit Suisse Core Hedge Fund Index rose 1.44% last month, less than half the 2.96% return of the Standard & Poor's 500 Index. Year-to-date, the difference is even more pronounced: The Dow Jones Index is up 2.62% compared to the 9.06% return for the S&P500.

"After a downturn mid-month, the Dow Jones Credit Suisse Core Hedge Fund Index rebounded to finish up 1.44% in April," Oliver Schupp, president of the Credit Suisse Index Co., said. "Managed futures was the best-performing sector, gaining 4.78% for the month as trading models successfully picked up on reversals in market movements across sectors."

That strategy is up 2.97% year-to-date.

Other strong performers in April were fixed-income arbitrage at 2.52% (2.2% year-to-date), emerging markets at 1.6% (3.5% YTD) and long/short equity at 1.53% (3.47% YTD). Event-driven funds added 0.82% (2.33% YTD) and global macro 0.44% (1.61% YTD).

Only one strategy lost ground last month: convertible arbitrage, which fell 0.52%. The strategy is up 2.56% on the year.


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