Hedge Funds Bounce Back In April

May 1 2008 | 12:41pm ET

The cruelest month has given hedge funds a little spring in their steps.

Hedge funds recouped some of their first-quarter loss last month, according to preliminary figures from Hedge Fund Research. The average fund returned 1.5% through April 28, after posting a 3% decline in the year’s first three months.

Still, hedge fund returns trailed the broader markets in April, when the Standard & Poor’s 500 added 4.8%. The S&P remains down 5.2% year-to-date.

Long/short equity funds were among the top performers last month, adding 2.8% to erase March’s decline.

Macro funds were among the worst performers, rising just 0.15%, though they remain the best of the eight HFR strategies year-to-date at 9.5%.

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