Eureka: Hedge Funds Rise, Redemptions Fall In March

Apr 10 2009 | 8:12am ET

Hedge funds missed the equities rally last month but still posted positive returns, early estimates from another industry index confirms.

The Eurekahedge Hedge Fund Index rose 1.3% in March, returning to positive ground after February’s losses. The index ended the first quarter up 0.8%, based on 31% of its funds that have already reported their performance for last month.

But while most hedge fund failed to capitalize on the big jump in equities last month, 96% still finished the quarter ahead of the MSCI World Index, which lost 12.5% during the first three months of the year, despite the rally during the last three weeks of March.

Eastern Europe and Russia funds were the strongest performers last month, soaring 14.4%. Relative value funds rose 4.3%, while long/short equity funds rose 2.5%. All told, eight of Eurekahedge’s nine strategy indices were in the black last month.

Eureka also said that redemptions continued to slow last month, as investors pulled just $7 billion from the hedge fund industry.

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