Friday, 28 April 2017
Last updated 5 hours ago
Apr 3 2013 | 12:25pm ET
Hedge funds posted broad-based, if relatively small, gains in March as the global stock surge continued unabated.
Hedge Fund Research's HFRX Global Hedge Fund Index gained 0.72% last month and is up 3.13% on the year. By contrast, the Standard & Poor's 500 Index rose more than 3% last month and was up more than 10% in the first quarter.
Thirteen of the 16 strategy and sub-strategy indices tracked by the HFRX suite were in the black last month, led again by master-limited partnerships, which returned an average of 4.8% (15.39% year-to-date). Special situations funds sat in a distance second, up 1.93% (7.36% YTD), followed by fundamental value funds (1.48% in March, 6.4% YTD), event-driven funds (1.42%, 5.32% YTD), equity hedge funds (1.42%, 5.14% YTD) and convertible arbitrage funds (1.23%, 3.69% YTD).
Credit funds rose an average of 0.97% on the month (3.05% YTD), distressed restructuring funds 0.46% (1.4% YTD), emerging markets funds 0.38% (1.04% YTD), merger arbitrage funds 0.38% (0.91% YTD), relative value arbitrage funds 0.07% (1.68% YTD) and macro funds and commodity trading advisers 0.03% (0.04% YTD).
The only three strategies to lose ground in March were multi-strategy relative value (down 0.3%, up 1.22% YTD), systematic diversified CTAs (down 0.25%, down 0.84% YTD) and equity market neutral (down 0.02%, up 0.55% YTD).