Hedge Funds Rise In April, Lag S&P500

May 6 2011 | 1:05pm ET

Hedge funds posted underwhelming gains in April, according to a pair of industry indices.

The Bloomberg Aggregate Hedge Fund Index added 1.4% last month and the Hennessee Hedge Fund Index 1.3%. Both badly trailed the Standard & Poor's 500 Index, which rose 2.96% on the year.

Hennessee Group co-founder Charles Gradante blamed an "investment environment" that "remains challenging."

Still, the news wasn’t all bad: Bloomberg, which said its index was up 3.7% year-to-date, added that April's returns brought the benchmark to its highest level in almost three years. The index's 127.99 level at the end of April is its best mark since June of 2008.

Bloomberg said that long/short equity funds returned an average of 2% last month, macro funds 1.7% and multistrategy funds 1.2%.

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