Hedge funds, as measured by the Greenwich Global Hedge Fund Index, gained across all major strategies in April. The GGHFI gained 1.69% compared to global equity returns in the S&P 500 Total Return +2.96%, MSCI World Equity +4.02%, and FTSE 100 +2.73% equity indices. 78% of constituent funds in the GGHFI ended the month with gains.

Hedge Fund Strategy Highlights:

• Managed Futures funds gain 3.66% on strength in commodities
  
• Long-Short Equity managers advance over 1%, led by Growth funds
  
• Arbitrage Strategies lag other major sectors; still gain 29 bps
  
• Event-Driven and Long-Short Equity funds lead hedge funds on year-to-date basis
  
• Developed Market funds outpace Emerging Market managers by 60 bps due to strength in North American markets