Hennessee Shows Hedge Funds Up 1.74% In March

Apr 9 2013 | 12:31pm ET

Hedge funds gained 1.74% in March, trailing the S&P 500 which advanced 3.75%, according to the latest numbers from the Hennessee Group.

“Hedge funds were positive in March as long positions performed well. The markets remain in ‘risk-on’ mode,” said Charles Gradante, co-founder of Hennessee Group, in a statement. “The start of 2013 is reminiscent of last year.  Managers are cautious as the second quarter has been a challenging period for investing in the last couple of years.” 

Equity long/short funds added 2.37% in March, putting them up 5.88% year to date. The best-performing sectors were healthcare (up 6.24% on the month), utilities (up 5.13%) and consumer discretionary (up 4.76%).
Arbitrage and event-driven funds were up 1.55% in March (and 3.62% YTD). Distressed funds advanced 1.47% on the month (3.79% YTD). Merger arbitrage funds gained 1.27% in March (2.53% YTD) while convertible arbitrage funds gained 0.53% on the month (1.69% YTD).

Global macro funds added 0.50% on the month (4.24% YTD) but emerging markets funds slipped 0.13% on the month (and are down 2.37% YTD). Macro funds advanced 0.30% in March (and 2.26% YTD).

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