Saturday, 2 August 2014
Last updated 11 hours ago
May 8 2012 | 12:27pm ET
Hedge funds dipped in April according to a widely-followed industry index.
The Hennessee Hedge Fund Index lost 0.38% last month. The drop is not as bad at that suffered by the Standard & Poor's 500 Index in April—the broader market index lost 0.75% on the month—but hedge funds still badly trail the S&P500, having missed out on its first-quarter rally.
"After a strong rally in the first quarter, hedge fund managers were positioned cautiously with lower net and gross exposures," Hennesee Group's Charles Gradante said. "However, managers still suffered losses as volatility spiked and correlations among securities increased regardless of fundamentals.
Equity long/short strategies were particularly hard-hit, Hennessee said. International funds also suffered, dropped 0.51% on the month.