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Alternative Market Briefing

HFRX: Hedge funds report lukewarm performance in April

Thursday, May 03, 2012

From Komfie Manalo, Opalesque Asia – Hedge funds posted small positive gains in April 2012 as the HFRX Global Hedge Fund Index gained +0.12% during the month (and +3.27% YTD) with contributions from macro and relative value strategies.

Indeed, the HFRX Macro/CTA Index was up 0.43% (but still down YTD at -0.87%) with contributions from systematic and macro discretionary strategies; and the HFRX Relative Value Arbitrage Index was up 0.29% (+3.86% YTD), for its fifth consecutive month of positive results with contributions from convertible arbitrage, corporate fixed-income and yield alternative exposure.

In a monthly report, Chicago-based hedge fund data provider Hedge Fund Research (HFR) said yesterday that while the hedge fund industry saw minor gains, equity markets posted declines in April as investors focused on renewed concerns related to European sovereign debt crisis, upcoming European elections and mixed data on the strength of the global economic recovery. The HFRX Market Directional Index gained +0.32% (+3.53% YTD).

"Performance was mixed across sectors, with energy and cyclicals posting advances while financials, technology and telecom posted declines. By geographic region, gains in China were offset by declines across France, Spain and Italy. U.S. yields declined as the U.S. yield curve steepened, and the U.S. dollar declined against the Japanese yen and British pound, ......................

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