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Alternative Market Briefing

Hedge funds gains in April bring YTD return to +7.2%

Monday, May 13, 2019

Laxman Pai, Opalesque Asia:

With all round gains across all main strategies led by Event-Driven and Macro in April, Hedge funds extended gains from the strongest 1Q since 2006.

The HFRI Fund Weighted Composite Index advanced +1.6% for the month, bringing the YTD return to +7.2%, said HFR.

The HFRI Asset Weighted Composite Index advanced +1.7% for the month, said the latest media reference guide from HFR.

Risk Parity and Bank Systematic Risk Premia also gained for the month, led by the HFR BSRP Credit Index, which surged +5.9% in April, bringing the YTD return to +12.6%.

Risk Parity strategies added to strong 1Q gains with the HFR Risk Parity Vol 15 Index advancing +1.0% in April, increasing the YTD return to +16.5%. BSRP sub-strategies also surged for the month, with the HFR BSRP Credit Momentum vaulting +10.1% and the HFR BSRP Currency Multi-Style Index jumping +8.4%.

"Hedge funds extended strong 1Q gains on acceleration of powerful risk-on sentiment, though the drivers of performance evolved and expanded from technology-centric equity beta to include credit, M&A, commodity and currency exposures. Performance drivers were also distributed across a broad range of strategies, including Special Situations, Activist, as well as Macro Discretionary and Systematic strategies," stated Kenneth J. Heinz, President of HFR.

"These evolving drivers of performance, in combination with favorable trends in US economy and employment, as well as receding Europea......................

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