From Kirsten Bischoff, Opalesque New York:

As May started, hedge funds are, on average, looking at YTD gains of anywhere from 2.5% to 3.5% (depending on the index and the strategy). They are also (as of last week) positioned very long across the board in equities, agriculture (corn), metals (Copper, Platinum), commodities (crude oil), Forex (Euro), and interest rates (2-year).