Hedge funds posted broad-based gains in the first half of March as stock markets rallied.
Hedge Fund Research's HFRX Global Hedge Fund Index rose 0.86% through March 14. The Standard & Poor's 500 Index is up over 3% during the same two weeks.
The HFRX index is now up 3.28% on the year.
Strategies across the hedge fund spectrum are enjoying gains, with only one tracked by the HFRX suite, equity market neutral, losing ground in early March, and it is down by only 0.07% (up 0.5% year-to-date). Master-limited partnerships are the strongest performer on the month so far, up 2%, and on the year, up an impressive 12.31%.
Fundamental growth funds were up 1.73% through Thursday (4.45% YTD), special situations funds 1.6% (7% YTD), fundamental value funds 1.4% (6.31% YTD), equity hedge funds 1.39% (5.29% YTD), event-driven funds 1.29% (5.18% YTD), convertible arbitrage funds 1.14% (3.59% YTD), emerging markets funds 1.1% (1.77% YTD) and North America funds 1% (4.25% YTD).
Credit funds added 0.78% (2.86% YTD), relative-value arbitrage funds 0.4% (2.01% YTD), macro funds and commodity trading advisers 0.26% (0.27% YTD) and merger arbitrage funds 0.05% (0.58% YTD).