Opalesque Industry Update: Hedge funds gained 0.19% in March, according to the Barclay Hedge Fund Index compiled by BarclayHedge.|
“The US equity market extended its unbroken rally to four months in March, while European and Asian stock markets were mostly weaker,” says Sol Waksman, founder and president of BarclayHedge.
In March, 15 of Barclay’s 18 hedge fund indices had gains. The Healthcare & Biotechnology Index gained 1.88%, Technology was up 1.84%, Equity Long Bias gained 1.35%, and Equity Market Neutral added 0.80%.
On the negative side, the Emerging Markets Index dropped 1.22% in March, Global Macro gave up 0.39%, and Equity Short Bias lost 0.06%.
“After a 5.48 percent loss in 2011, the Barclay Hedge Fund Index is up 5.69 percent in the first quarter of 2012,” says Waksman.
“Strong performance by hedge fund managers successfully navigating the equity market rally has helped fuel this reversal.”
At the end of the first quarter, Equity Long Bias leads all hedge fund strategies with a 9.41% gain.
“This is the strongest start for long-biased managers in 14 years. The best first quarter for Equity Long Bias was a 10.22 percent gain back in 1998.”
After three months, the Emerging Markets Index is up 7.68%, European Equities gained 7.19%, Healthcare & Biotechnology added 7.18%, Pacific Rim Equities are up 7.05%, and the Technology Index gained 5.96%.
The only losing hedge fund strategy in 2012 is Equity Short Bias, which is down 15.66% at the end of March.
The Barclay Fund of Funds Index gained 0.48% in March, and is up 3.58% in the first quarter.