Eleven out of 13 of the EDHEC-Risk Alternative Indexes recorded positive returns in April. Equity-focused strategies all exhibited returns consistent with their modelled exposure which has been rather low lately, with a slightly negative implied alpha however: long/short equity (0.65 per cent), equity market neutral (0.00 per cent) and event driven (0.82 per cent).
The convertible arbitrage strategy (0.54 per cent) maintained its positive trend but did not show the usual alpha in addition to its risk factor exposures. CTA global (2.08 per cent) was the best performing strategy this month.
The funds of funds strategy, with a 0.70 per cent gain, and six consecutive positive months, confirmed a good start to the year 2013.
Short selling was the only index to finch the month in negative territory recording a return of −2.90 per cent for the month.