Mediocre performance has not dimmed investor interest in hedge funds, according to early estimates from HedgeFund.net.
Hedge funds took in $14.2 billion in new money in April, a slight increase from March but well ahead of last year's core growth rate. Including performance gains, hedge fund assets rose to $2.607 trillion last month.
Whether that confidence on the part of investors will be borne out remains to be seen: The average hedge fund has returned just a fraction of the Standard & Poor's 500 Index's more than 9% rise this year.
For its part, HFN said that the average hedge fund returned about 2.05% last month, among the highest returns of any broad hedge fund index for April, and is up 3.45% on the year. Commodity strategies were the best place to be, rising 4.92% on the month, although much of that gain was likely wiped out by last week's oil price plunge.