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"April was a positive month for alternative strategies," said Jason Schwarz, President of Wilshire Funds Management. "Long-biased equity strategies benefited from gains across global equity markets, with notable performance within emerging markets. Event driven and relative value strategies continued to benefit from being long credit risk, particularly within corporate bonds."

Multi-Strategy

The Wilshire Liquid Alternative Multi-Strategy IndexSM, which includes both single and multi-manager funds, returned 0.58% in April.

Global Macro

The Wilshire Liquid Alternative Global Macro IndexSM ended the month down -0.06%, outperforming the -0.07% return of the HFRX Macro/CTA Index.

CTAs detracted -25 basis points of return while discretionary global macro managers contributed 15 basis points of return and currency/commodity managers contributed 3 basis points of return.

Relative Value

The Wilshire Liquid Alternative Relative Value IndexSM ended the month up 0.33%, outperforming the 0.20% return of the HFRX Relative Value Arbitrage Index.

Credit managers contributed the entirety of the return while multi-strategy managers, convertible arbitrage, and volatility strategies were all slightly positive.

While the Fed increased short-term rates, US yields stayed relatively constant and high yield credit spreads slightly tightened. This led to modest positive performance from managers in the Credit space.

Equity Hedge

The Wilshire Liquid Alternative Equity Hedge IndexSM ended the month up 0.42%, underperforming the HFRX Equity Hedge Index's 0.72% return.

Long-biased managers contributed 43 basis points to Index performance while market neutral and short-biased managers each detracted -1 basis point of return.

Long-biased strategies benefited from rising equity markets with positive contributions from Information Technology and Consumer Discretionary investments.

Event Driven

The Wilshire Liquid Alternative Event Driven IndexSM ended the month up 0.65%, underperforming the 0.70% return of the HFRX Event Driven Index.

Credit managers contributed 28 basis points of return while merger arbitrage strategies added 23 basis points, and multi-strategy managers added 14 basis points of return.