The chill felt by hedge funds in March did not abate last month; in fact, things were downright frigid for the average industry player in April.
The HFRX Global Hedge Fund Index fell 0.73% last month, according to Hedge Fund Research. The Standard & Poor’s 500 Index went the other way, rising about 0.7% on the month.
April’s loss left the HFRX benchmark up just 0.38% through the first third of the year.
Twelve of the 16 strategies and substrategies tracked by the HFRX suite lost ground in April, none more so that emerging markets, which shed 2% (down 2.38% year-to-date). Fundamental growth funds shed an average of 1.82% (up 1.73% YTD), equity hedge funds 1.42% (down 0.19% YTD), fundamental value funds 1.38% (down 1.17% YTD) and convertible arbitrage funds 1.34% (up 0.77% YTD). Special situations funds dropped 0.87% (up 1.86% YTD), event-driven funds 0.68% (up 2.12% YTD), systematic diversified commodity trading advisors 0.66% (down 3.59% YTD), CTAs overall 0.56% (down 1.59% YTD), fixed income funds 0.34% (up 2.06% YTD), distressed restructuring funds 0.19% (up 3.15% YTD) and relative-value arbitrage funds 0.16% (up 0.78% YTD).
The four winners? Master-limited partnerships (up 2.28% in April, 7.31% YTD), equity market neutral funds (0.55%, 2.66% YTD), merger arbitrage funds (0.11%, 0.56% YTD) and multi-strategy funds (0.1%, 0.78% YTD).