Hedge funds stormed back in April, returning almost 2% on average, according to HedgeFund.net.
The resurgence, which lifted every region and strategy tracked by HFN, was powered by the energy sector, which had its best month in the past 27. The HFN Energy Sector Average soared 5.7% last month, bringing it into the black year-to-date at 0.23%.
Overall, hedge funds added 1.96% in April, leaving it down 0.85% on the year. Emerging markets funds rose 3.23% (down 2.67% year-to-date), long/short equity funds 3.16% (down 2.57% YTD) and macro funds 2.32% (up 2.81% YTD). Among HFN’s regional averages, Asia took the top spot with a 3.38% return, although it remains down 5.42% in 2008.
Despite the strong month, all but three of HFN’s strategy indices remain in the red. In addition to energy sector and macro funds, CTA/managed futures funds are up 8.42% this year—better than twice the return of its nearest competitor—after a 0.24% April return.