Hedge Funds Add 0.69% In April As Most Strategies Rise

May 9 2013 | 12:02pm ET

Hedge funds posted broad but modest gains in April, according to Hedge Fund Research.

Just two of the 22 strategies and sub-strategies tracked by the HFRI suite lost ground last month. But the overall HFRI Fund Weighted Composite Index rose just 0.69% in an April that saw the Standard & Poor's 500 Index jump 1.8%; on the year, the gap is even wider, with the S&P500 up by double-digits and the HFRI benchmark up just 4.37%.

Systematic diversified funds led the way last month with a 2.29% return (3.44% year-to-date), followed by Asia ex-Japan funds at 1.95% (4.85% YTD) and multi-strategy relative-value funds at 1.45% (4.78% YTD). Corporate bond funds added 1.36% last month (3.88% YTD), technology and healthcare funds 1.32% (6.76% YTD), Russia and Eastern Europe funds 1.21% (2.95% YTD), convertible arbitrage funds 1.07% (4.08% YTD) and macro funds 1% (2.29% YTD).

Relative-value funds rose 0.99% (4.16% YTD), event-driven funds 0.9% (4.84% YTD), equity-market neutral funds 0.72% (2.88% YTD), asset-backed funds 0.71% (4.43% YTD), distressed and restructuring funds 0.69% (4.84% YTD), equity hedge funds 0.35% (5.39% YTD), merger arbitrage funds 0.32% (1.15% YTD) and quantitative directional funds 0.15% (4.33% YTD).

Only short-bias funds and energy and basic materials funds lost ground last month, with the former dropping 2.77% amidst the market rally (down 7.45% YTD) and the latter 1.29% (up 0.12% YTD).

Funds of hedge funds rose an average of 1.08% on the month (4.48% YTD).


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Editor's Note