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From Kirsten Bischoff, Opalesque New York:

For many hedge fund managers, writing the monthly investor letter for May 2010 has been a practice in humility. After months of positive performance (Credit Suisse Tremont Index notched gains every month from February 2009 through April 2010), May returns were slightly down for some and abysmal for others as the markets dropped. But for a few managers, May was a month for shining.

Performance across Global Macro managed to stay pretty steady, and it outperformed almost all other sectors. "Managers benefited from the overall liquidity of their holdings and their tactical ability to reposition their portfolios in the midst of market volatility," commented the team at Credit Suisse/Tremont.

Lyford gains +7.11% in May After two months of waiting for the markets to catch up to the firm's negative fundamental outlook the Lyford Global Internationals Lyford Global Macro Fund soared +7.11% in May (bringing year to date performance to +5.72%). According to correspondence with investors the week of the "flash crash" drove much of the month's performance, and the manager's decision to cut risk on the likelihood of government intervention helped secure those gains.

Founded in 2002, the eight-year old firm has only had one down year (-4.76% in 2009, after rising 14.6% in 2008) and has delivered annualized returns of 8.2% with negative correlation to......................

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