HFR: Hedge Funds Suffer Marginal Loss In March

Apr 4 2012 | 2:31am ET

Hedge funds inched down in March, capping off a positive but disappointing first quarter.

Hedge Fund Research's HFRX Global Hedge Fund Index lost 0.02% last month. The benchmark is up 3.14% on the year, but well behind the Standard & Poor's 500 Index, which rose in excess of 10% in the first quarter.

None of the strategies tracked by HFRX can claim that feat. The best of them, fundamental growth equity funds, are up an average of just 6.19% for the year's first three months after rising 0.18% in March.

Event-driven and distressed restructuring funds, are up 5.81% and 5.8%, respectively, for the year's first three months after rising 0.56% and 0.59%, respectively, in March.

Fundamental value equity funds were the month's best performer, rising 0.79% (2.31% year-to-date), trailed by distressed restructuring funds at 0.59% (5.8% YTD) and event-driven funds at 0.56% (5.81% YTD). Special situations funds rose 0.44% (4.97% YTD) and equity hedge funds 0.4% (3.94% YTD), followed by relative value arbitrage funds (0.27% in March, 3.56% YTD), merger arbitrage funds (0.21%, 1.71% YTD) and fundamental growth equity funds (0.18%, 6.19% YTD).

Three strategies suffered losses in March. Systematic diversified commodity trading advisors shed 2.36% (down 3.9% YTD), macro funds and CTAs 1.6% (down 1.29% YTD), and equity market neutral funds 1.21% (down 1.63% YTD).


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Editor's Note