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Scotia Capital Index (Asset Weighted) up 1.02% in April, 4.37% YTD

Wednesday, May 19, 2010
The Scotia Capital Canadian Hedge Fund Performance Index finished April 2010 up 1.02% on an asset weighted basis and up 0.68% on an equal weighted basis. The Index performed in line with North American equities and broader hedge fund indices on an asset weighted basis.

Global capital markets posted mixed results in April. The Greek debt crisis continued to dominate headlines, and European equity markets sold off significantly as market volatility surged and investors expressed concern over potential contagion into other Euro zone countries. North American equities also experienced a mid-month sell off, following on from the SEC’s charges against Goldman Sachs. The S&P500 closed April up 1.48%. Sector performance was mixed, ranging from strong gains in consumer discretionary to sharp declines in health care.

In Canada, the TSX advanced 1.44%. Canadian materials, energy and telecom stocks were the top contributors with sharp declines in consumer staples, utilities and IT. Commodities rallied in April, with gold rising sharply by 5.92% and oil gaining 2.85%.

In FX, the CAD reached parity with the USD briefly on April 6, in investor anticipation of a Bank of Canada rate hike later in the month that did not take place. The USD finished April with slight gains versus the CAD and JPY, and significant gains versus the EUR, while declining versus the GBP.

In line with global peers, Canadian hedge fund managers made modest aggregate gains in April, and continue to maintain a cautious stance in light of uncertainty over the direction of capital markets.

Full performance table and chart: Source

The April 2010 report can be accessed here: Source


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