Hennessee: Hedge Funds Add 0.28% In April

May 10 2013 | 12:50pm ET

Hedge funds extended their winning streak to four-for-four in April, but not by much.

Hedge funds rose an average of 0.28% in the most-mixed month of the year so far for the industry, the Hennessee Hedge Fund Index shows. Indeed, long/short equity funds lost ground on the month even as the broader index rose, shedding 0.17% in a month that saw the Standard & Poor's 500 Index jump 1.81%.

The average hedge fund is now up 5.09% on the year, and the average long/short equity hedge fund 5.71%, while the S&P500 is up 12.02%.

Arbitrage and event-driven hedge funds returned 0.87% in April (4.52% year-to-date) and global and macro funds 0.8% (5.07% YTD).

Individual strategies were led by Asia-Pacific funds, which rose an average of 1.88% (8.72% YTD). Healthcare and biotechnology funds rose 1.67% (12.44% YTD), distressed funds 1.62% (5.47% YTD), international funds 1.37% (7.3% YTD), merger arbitrage funds 1.29% (3.85% YTD), event-driven funds 1.08% (6.16% YTD) and high-yield funds 1.03% (3.14% YTD).

Emerging markets funds added 0.73% (3.12% YTD), fixed-income funds 0.22% (5.86% YTD) and macro funds 0.06% (2.32% YTD).

On the losing side of the ledger, European funds dropped 2.8% in April (up 2.98% YTD), opportunistic funds 2.44% (up 1.53% YTD), market-neutral funds 1.83% (down 0.17% YTD), short-bias funds 1.26% (down 7.23% YTD), technology funds 0.7% (up 3.69% YTD), value funds 0.32% (up 6.37% YTD), growth funds 0.08% (up 4.97% YTD) and convertible arbitrage funds 0.04% (up 1.65% YTD). Only short-bias and market neutral funds are down on the year.


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