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Bailey McCann, Opalesque New York:

Hedge fund performance faltered in April, marking the first month of negative returns so far this year. According to the latest data from funds administrator Citco, year-to-date returns are still positive for hedge funds so far.

Funds administered by Citco delivered an overall weighted average return of -0.7%, a significant drop off from the 2.2% seen in March. Nonetheless, hedge funds remain firmly in positive territory overall for 2024, with a weighted average return of 6.5% year-to-date.

Event Driven funds were the worst performers in April, with a weighted average return of -2.1%, followed by Equities at -1.3%, and Global Macro at -1%, Citco says.

Commodities strategies were the only positive performer in April, with a weighted average return of 2.1%, their best monthly return of 2024. They are now the only grouping to have seen positive performance every month of the year.

Despite poor performance, April was a positive month for hedge fund inflows. Funds saw net inflows of $5.7 billion overall, as subscriptions of $11.8 billion were well ahead of redemptions of $6.2 billion. April's figures mean flows have now turned positive for the year, with net inflows of $2.6 billion year to date.

Nearly all strategy types had net inflows in April. Multi-Strategy funds continued to be a core focus for investors, with subscriptions of $5.2 billion and redemptions of $3.3 billion, to leave net inflows of $2 billion, according t......................

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