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Bailey McCann, Opalesque New York: Hedge funds have had their tenth consecutive quarter of positive returns after a very strong start to the year, according to the latest data from fund administrator Citco.
Funds administered by the Citco group of companies (Citco) achieved an overall weighted average return of 2.8% in Q1, matching the previous quarter, with 62% of funds in positive territory.
Most strategy groups saw positive returns - multi-strategy funds were the top performers, with a weighted average return of 4.7%, while global macro was close behind at 4.5%. They were followed by equity and commodities-focused strategies, which both had weighted average returns of 1.6%, and then fixed income arbitrage strategies at 1.1%. Event driven strategies were negative overall in Q1, with a weighted average return of -3.4%. On an Assets under administration (AUA) basis, the largest funds with more than $3bn of AUA stood out, with a weighted average return of 4.6%, while all other categories saw more muted returns.
"The path ahead is very uncertain, with markets having to contend with near-daily developments around tariffs since the end of Q1, and we have seen the sell-off intensify at the start of the second quarter. If the situation escalates, investors may well look to hedge funds to offer diversification away from the worst of the turmoil," said Declan Quilligan, Head of Hedge Fund Services, Citco Fund Services (Ireland) Limited.
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