•  
• Tweet
•  
•  
•        Print
•  
•        Email
•  
•         Track Keywords

Sector performance declines in March were led by Energy, Oil Services, Commodity sensitive and Telecom, which were only partially offset by gains in Biotechnology, REITs and Healthcare. The US Dollar ended a strong 1Q with strong gains in March, posting a sharp gain against the Brazilian Real and touching a 12-year low against the Euro, while also gaining against the British Pound Sterling and Swiss Franc. US & European fixed income yields declined in March, while Japanese yields increased and high yield credit spreads widened. Oil posted a sharp decline for both March and 1Q15, falling nearly -12% in March and reversing gains from the prior month; Natural gas and Metals Commodities also declined, while Sugar, Hogs and Cocoa led declines in Agricultural commodities.

UCITS compliant Hedge Funds posted gains for March with the HFRU Hedge Fund Composite Index posting a gain of +0.72%, bringing 1Q performance to +4.59%, the best quarterly performance since Index inception.

HFRU Equity Hedge Index posted a gain of +0.94% for March, bringing 1Q performance to +5.87%,the best quarterly performance since Index inception, as European equities outperformed US and Latin America. European, Emerging Asia,Russia and Market Neutral exposures led gains while exposure to Brazil and the Middle East detracted from performance.

HFRU Macro Index posted a gain of +0.61%for March, bringing 1Q performance to +4.30%, also the best quarterly performance since Index inception, as the Euro fell to a 12-year lowagainst the US Dollar, with positive contributions led by Currency and trend-following strategies. Systematic, quantitative CTA strategies gained from core long US Dollar and short Energy commodity positioning.

HFRU Relative Value Arbitrage Index posted a gain of +0.50% for March, as US and European government bond yields declined with many European yields falling to new historical and negative nominal yields. HFRU RVA had positive contributions from Global Convertible, Volatility, Yield Alternatives and Real Estate exposures.

HFRU Event Driven Index posted a gain of +0.15% for March, as US & European yields declined and credit widened, with performance led by contributions from global Merger Arbitrage, European Special Situations equities and distressed strategies. HFRU ED benefitted from increased global deal activity in Healthcare, Media and Technology sectors.
km