Event-Driven Hedge Fund Rangeley Up 12% In April

May 20 2011 | 1:12pm ET

Rangeley Capital had an impressive first quarter. But its April put even that in the shade.

The New Canaan, Conn.-based event-driven fund soared 11.9% last month, bringing its year-to-date total to 18.1%. That makes it one of just a few hedge funds beating the Standard & Poor's 500 Index on the year, in Rangeley's case handily: The broad market index is up 9%.

The average hedge fund, by contrast, has returned only about one-third of that.

Rangeley was founded four years ago by former Mangan & McColl Partners analyst Chris DeMuth and former satellite communications executive Richard Townsend.

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