Hedge funds as measured by the Greenwich Global Hedge Fund Index fell by a fraction of the losses experienced by global markets in May. The GGHFI shed 2.25% compared to global equity returns in the S&P 500 Total Return -7.99%, MSCI World Equity -9.91%, and FTSE 100 -6.57% equity indices. 28% of constituent funds in the GGHFI ended the month with gains.