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HFRU Hedge Fund Composite Index down 0.26% in April (0.60% YTD)

Friday, May 02, 2014
Opalesque Industry Update - UCITS compliant Hedge funds posted mixed performance in April 2014 with the HFRU Hedge Fund Composite Index posting a decline of -0.26%, as gains in Macro and Relative Value Arbitrage were offset by losses in Equity Hedge and Event Driven.

HFRU Macro Index posted a gain of +0.32% for the month of April, as positive contributions from long term trend following strategies were offset by shorter term trend reversals and high frequency strategies. Discretionary commodity strategies posted gains with contributions from Natural Gas, which were partially offset by losses in long US dollar exposure; currency exposure was mixed across strategies.

HFRU Relative Value Arbitrage Index posted a gain of +0.19% for the month of April, as US & European yields declined & corporate transaction activity accelerated. Positive contributions from exposure to Asset-Backed and Emerging Markets Fixed Income strategies were partially offset by Volatility and Global Convertible managers.

HFRU Event Driven Index posted a decline of -0.44% for the month of April, as M&A activist remained robust as Apple priced a $12 Billion bond offering, US pharmaceutical Pfizer engaged to purchase UK rival AstraZeneca and the LBO buyout Energy Future filed for bankruptcy protection. Contributions from Emerging Markets Fixed Income and Global Merger Arbitrage strategies were offset by declines in European Equity Special Situations managers.

HFRU Equity Hedge Index posted a decline of -0.92% for the month of April, with positive contributions from regional exposures to Turkey and Latin American equities and market neutral strategies offset by declines concentrated in Russian, Chinese, Technology and Healthcare exposures.

Global financial markets posted mixed performance for April, as Technology equities partially recovered steep intra-month losses, while geopolitical tension and uncertainly over Ukraine remained significant and M&A activity remained robust. US equities posted mixed performance with the Technology and small cap equities posting declines, while large cap equities recovered intra-month losses to post a narrow gain for the month. Technology, Cyclical, Financials and Healthcare sectors led declines for the month, which were offset by Energy, Durables and Telecom. European and Asian equities were mixed with Euro gains in France and the UK offset by declines in Russian and the Netherlands, likewise declines in Japan and Korea were offset by gains in Singapore and Australia; across other Emerging Markets, equities gained in Brazil, Argentina and the Middle East. US treasury yields fell as the yield curve flattened with gain in longer dated maturities; European yields also fell across most maturities. Apple priced a $12 Billion bond offering, US pharmaceutical Pfizer engaged to purchase UK rival AstraZeneca and the LBO buyout Energy Future filed for bankruptcy protection. The US dollar declined against most currencies including the British Pound Sterling, the Euro and the Japanese Yen, while most commodities posted gains led by Natural Gas, Gold and Coffee, with these partially offset by declines in Silver, Crude Oil and Hogs.

Comments reference performance as posted on May 1, 2014

The HFRU Indices are published on a daily basis and comprise the most comprehensive benchmarks of UCITS hedge fund performance available. HFRU Indices are representative of the complete universe of hedge funds compliant with UCITS guidelines, and include four strategy indices (Equity Hedge, Event Driven, Macro and Relative Value Arbitrage) and an aggregate HFRU Hedge Fund Composite Index.

www.hedgefundresearch.com

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