Hedge Fund Up 1.16% Through Mid-May

May 17 2013 | 2:38pm ET

Hedge funds are off to a fairly good start this month amidst the continuing market rally.

Hedge Fund Research's HFRX Global Hedge Fund Index was up 1.16% through May 15. The benchmark is now up 4.98% on the year.

The Standard & Poor's 500 Index is up over 3% this month and over 16% on the year.

Still, hedge funds' gains were broad-based on the month, with only two strategies losing ground. The best-performing strategies were convertible arbitrage and fundamental value funds, which both added 2.51% (8.62% and 9.74% year-to-date, respectively). Event-driven hedge funds rose 1.81% (8.24% YTD), equity hedge funds 1.66% (7.49% YTD), special situations funds 1.63% (10.42% YTD), emerging markets and credit funds 1.42% (4.84% and 5.68% YTD, respectively) and distressed restructuring funds 1.16% (3.44% YTD).

On the losing side, equity market neutral funds fell 0.74% (up 0.28% YTD) and systematic diversified commodity-trading advisers 0.42%  (down 1.31% YTD).

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