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For the year, the aggregate return for the industry is +7.61%, a fairly good relative return when looking across global equity and fixed income markets.

Funds operating in both equity and commodity markets produced the best aggregate returns during the month and at the strategy level it was long/short equity managers producing the best average returns.

At the primary strategy level, long/short equity and event driven managers benefited from strong equity market returns, while managed futures funds appeared to benefit from strong movements in commodity markets. Several of the largest managed futures products performed well and they are the best performing large-fund group so far in 2021.

Following a decent March, there were more some positive signs coming from some of the industry's largest products, which had been an area of concern. The nine out of the ten largest reporting managers were positive during the month and the group produced their best average monthly return, +3.72%, since at least 2015. Among the ten largest all except for one product is positive for the year now.

Though a handful are performing what would normally be considered relatively well through four months of a year, none are outperforming the industry aggregate which is being heavily influenced by long-biased equity exposure.

EM-focused funds produced positive returns during the month with exposure to Brazil producing the most positive results, a rarity recently.

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