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"Biotech and information technology led stock markets higher in developed economies, while emerging market equities continued lower for another month," says Sol Waksman, founder and president of BarclayHedge.

All but two of Barclay's 17 hedge fund indices had gains in May. Healthcare & Biotechnology jumped 4.88%, adding to a 4.95% gain in January. Technology was up 3.65%, Equity Long Bias gained 1.79%, the Event Driven Index added 1.75%, and Distressed Securities were up 1.62%.

In the loss column, Emerging Markets were down 1.28%, and the Convertible Arbitrage Index gave up 0.45%. After 14 consecutive months of gains beginning in December 2016, Emerging Markets have experienced a trend reversal with four straight months of losses.

At the end of May, 13 hedge fund indices have gains in 2018, while four have losses. The Healthcare & Biotechnology Index is currently up 8.09%, and is on track to match its 21.77% return in 2017. Technology has gained 6.82%, Distressed Securities are up 4.07%, and European Equities have gained 2.88%.

Emerging Markets have lost 1.38% year to date, Merger Arbitrage is down 1.29%, the Global Macro Index has lost 1.15%, and Pacific Rim Equities are down 1.12%.

The Barclay Fund of Funds Index gained 0.44% in May, and is up 0.80% for the year.