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In the week ending April 14th, 2023, data released by HFR revealed that hedge funds posted mixed performance in March as bank risk soared amidst instability and dislocations resulting from several bank failures and the acquisition of Credit Suisse by UBS. The HFRI Fund Weighted Composite Index (FWC) declined an estimated -0.8 percent for the month, the investable HFRI 500 Fund Weighted Composite Index lost - 1.2 percent (estimated), and the HFRI 400 (US) Fund Weighted Composite Index fell -1.5 percent (estimated), with performance gains led by Equity Hedge strategies.

Meanwhile, hedge funds have rarely been so bearish about the market. Funds' net short position in S&P 500 futures contracts is now at the second-highest level since October 2015, according to a report from NDR, a sister company of Institutional Investor. And according to data from PivotalPath, managed futures, which are the most active trader of S&P 500 futures, now have the lowest exposure to the index since June 2017. Managed futures can be an indicator of overall hedge fund sentiment.

In the meatime, this first quarter was a strong but volatile quarter for credit markets, according to Gapstow, a New York City-based investment adviser that focuses on alternative credit. Gapstow has just published its Q1 2023 performance report, which covers sixteen alternative credit strategies across three types of investment vehicles: hedge funds, interval funds, and public funds (BDCs, mortgage REITs, and closed-end funds).

In new launches, Two Sigma has closed on a new fund - The quant giant raised $677 million for Two Sigma Impact, its first impact fund; American alternative investment management company Blackstone announced the close of its ......................

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