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HFRU Hedge Fund Composite Index up 0.50% in April (+5.11% YTD)

Wednesday, May 06, 2015
Opalesque Industry Update - Global financial markets posted mixed performance for April, as Chinese equities posted sharp gains on record trading volume, Oil posted strong gains and the M&A environment accelerated with new transaction announcements; global equity markets posted gains for the month, despite posting sharp declines into month end. Regional equity market gains were led by Chinese and Emerging Market equities, with Brazil, Russia and Middle East equities also posting sharp gains. Equity sector gains were led by Energy & Commodity sensitive issues, which were partially offset by declines in Biotechnology and Small Cap exposures.

US & European yields rose across most maturities with the yield curve steepening on increased in longer dated maturities, while high yield credit tightened. The US Dollar declined against most currencies, led by declines against the Russian Rouble, Brazilian Real, Euro, Swiss Franc, Canadian Dollar and British Pound Sterling. Commodities gains were led by a sharp increase in Oil & Energy; Aluminum, Sugar, Hogs and Soybeans also posted sharp gains for the month. UCITS compliant Hedge Funds posted gains for April with the HFRU Hedge Fund Composite Index posting a gain of +0.50%.

HFRU Equity Hedge Index posted a gain of +1.45% for April, extending 1Q record gains to +7.4% YTD, as Emerging Markets experienced broad advances. Trading volume on the Shanghai-Hong Kong Stock Connect program spiked, with hedge fund gains concentrated in exposure to China, Russia and other Emerging Markets.

HFRU Event Driven Index posted a gain of +0.44% for April, as global M&A activity accelerated, with contributions from global Special Situations equities, Merger Arbitrage and Credit strategies. Special Situations and Merger Arbitrage managers benefited from an increase in global deal activity in both Healthcare and Consumer Products.

HFRU Relative Value Arbitrage Index posted a gain of +0.23% for April, as yields increased while high yield spreads tightened. The Index had positive contributions from Global Convertible, credit multi-strategy managers and Emerging Markets. HFRU Macro Index posted a decline of -1.01% for April as gains in Emerging Market strategies were offset by declines in CTA managers, with weakness concentrated in Currency & Commodity positioning.

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