After a promising start to the year Asia ex-Japan hedge funds lost some of their momentum last month, losing 3.10 per cent to leave up 6.28 per cent for the year according to the HFRI Emerging Markets: Asia ex-Japan index. Figures released by Eurekahedge were slightly better: its Asia ex-Japan index fell 2.2 per cent in March to leave it up 6.05 per cent YTD. Relative value funds continue to be the leading strategy, gaining 1.61 per cent in March to leave them up 15.92 per cent for the quarter. CTA funds were up 2.39 per cent for a quarterly gain of 7.95 per cent. However, event-driven funds and long/short equity funds lost 2.75 per cent and 2.55 per cent to leave them with YTD returns of +9.84 per cent and +5.81 per cent respectively. Multi-strategy funds also took a hit in March, shedding 2.21 per cent to leave them up 5.86 per cent for the year.