NEW YORK, May 10, 2010 /PRNewswire via COMTEX/ -- Early estimates indicate the Credit Suisse/Tremont Hedge Fund Index ("Broad Index") will finish up +1.49% in April (based on 74% of assets reporting).
(Logo: http://www.newscom.com/cgi-bin/prnh/20091204/CSLOGO) Key highlights for the month; Estimates indicate hedge funds continued to post positive returns into the second quarter with eight out of ten sectors finishing April in positive territory. Event Driven appears to be the best performing sector for the month, returning an estimated 2.28% as managers benefited from idiosyncratic events and general upward movements in high yield and leveraged loan markets.
Relative Value strategies, such as Fixed Income and Convertible Arbitrage, continued to post positive returns to finish April up 1.93% and 1.70% respectively. While the majority of gains were due to a bullish equity and credit environment, many managers with long volatility exposures also benefited from a surge in volatility towards the end of the month.
Global Macro finished up an estimated 2.03% in April with manager performance largely driven by tactical equity and yield curve trades.
Long/Short Equity funds returned an estimated 0.16% last month. Performance was driven by stock specific gains. Conversely, Dedicated Short Bias managers struggled throughout the month, finishing down an estimated 3.41%.
Strategy Estimates Index Apr-10 Mar-10 2010 CS/Tremont Hedge Fund Index 1.49% 2.22% 4.63% Convertible Arbitrage 1.70% 2.06% 5.29% Dedicated Short Bias -3.41% -6.61% -12.45% Emerging Markets 0.97% 3.89% 3.63% Equity Market Neutral -0.23% 0.54% -0.95% Event Driven 2.28% 2.85% 7.16% Distressed 1.65% 2.64% 6.75% Event Driven Multi-Strategy 2.76% 3.07% 7.48% Risk Arbitrage 0.13% 0.69% 1.53% Fixed Income Arbitrage 1.93% 1.44% 5.56% Global Macro 2.03% 0.38% 4.65% Long/Short Equity 0.16% 2.99% 2.95% Managed Futures 2.21% 4.25% 4.35% Multi-Strategy 1.17% 1.44% 3.78% MSCI World -0.16% 5.93% 2.58% Barclays Capital Aggregate Bond Index +0.02% -0.76% -0.26% DJ-UBS Total Return Commodities Index 1.94% -1.24% -3.18% Estimates are based on 74% of assets reporting; final April performance will be published May 17th on Bloomberg and online at www.hedgeindex.com. For a complete description of the Credit Suisse/Tremont Hedge Fund Index, please see the index rules available at www.hedgeindex.com.
Credit Suisse Tremont Index LLC is the joint venture company of Credit Suisse Index Co., Inc., a subsidiary of Credit Suisse Alternative Capital, Inc., and Tremont Group Holdings, Inc. Credit Suisse Tremont Index LLC is headquartered at 11 Madison Avenue, New York, NY 10010-3629.
Credit Suisse AG Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide.
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