Nine out of ten strategies in the Credit Suisse/Tremont Hedge Fund Broad Index posted positive returns in April as volatility increased in global equity markets, with dedicated short bias the only negative performer.

The index gained 1.24 per cent in April, with managed futures and event driven tied as the best performing strategies, each with gains of 1.89 per cent.

For event driven managers, gains were largely due to individual positions in idiosyncratic situations, such as corporations that may have recently completed restructurings or exited from bankruptcy and other holdings involved in acquisition investments.

The high yield credit market posted its 14th month of consecutive positive returns, despite the European sovereign debt concerns and rising Treasury rates.

Many relative value managers in strategies such as fixed income arbitrage and convertible arbitrage were able to capitalise on the unusual mix of tightening credit markets, flight-to-safety behaviours and higher levels of volatility.


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