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Greenwich Mid-Month Update: Hedge Funds Decline 0.46% in April

Hedge fund managers produced mixed results in April but lost ground on average as the Greenwich Global Hedge Fund Index fell 0.46% in the month. L/S Credit, Fixed Income Arbitrage and Event Driven strategies were the best performers.

May 17, 2012 - PRLog -- Stamford, CT, USA, May 17, 2011 – Hedge fund managers produced mixed results in April but lost ground on average as the Greenwich Global Hedge Fund Index fell 0.46% in the month.  Long-Short Credit, Fixed Income Arbitrage, and Event Driven strategies were the best performers during the month.  The GGHFI’s loss of 0.46% compared favorably to global equity returns in the S&P 500 Total Return (-0.63%), and MSCI World Equity (-1.37%) equity indices.  44% of constituent funds in the GGHFI ended the month with gains.

“European concerns began to weigh on global financial markets in April as volatility impacted returns of Directional strategies.  Long-Short Equity funds lagged other sectors largely due to technology holdings of many funds that reversed direction from previous highs.  Credit focused managers were winners on the month; Fixed-Income Arbitrage and Long-Short Credit managers gained 55 and 70 bps, respectively.  We expect managers to lessen leverage and net exposure levels as European risk becomes increasingly negative,” notes Clint Binkley, Senior Vice President.  

Global Index Strategy Highlights

•   Long-Short Credit funds are the best performers on the month, gaining 0.70%
•   Long-Short Equity funds fall nearly 1%; Value focused funds are best performers, declining 79 bps
•   Most Market Neutral strategies advance for the month.  Event-Driven funds gain 24 bps on average; Merger Arbitrage funds gain 72 bps
•   Emerging Market funds fall substantially more than Developed Market managers – Greenwich Regional Composite Indices decline -0.34% and -0.98%, respectively; European G10 focused funds showed the best monthly performance

Strategy Group Summary                          Apr 2012    YTD Return
Greenwich Global Hedge Fund Index   -0.46%        3.95%
Market Neutral Group                                    0.06%        3.83%
   Equity Market Neutral                            0.08%        1.84%
   Event Driven                                            0.24%        5.17%
      Distressed Securities                    0.10%        5.62%
      Merger Arbitrage                            0.72%        4.01%
      Several Strategies                    0.17%        5.19%
   Arbitrage                                           -0.21%        3.55%
      Convertible Arbitrage                   -0.16%        5.23%
      Fixed Income Arbitrage            0.55%       4.04%
      Other Arbitrage                           -1.39%       1.71%
Long-Short Equity Group                             -0.96%        5.95%
   Growth                                                  -1.13%        7.17%
   Opportunistic                                     -1.24%        4.20%
   Short-Biased                                         2.03%     -11.68%
   Value                                                  -0.79%        6.38%
Directional Trading Group                          -0.17%        0.33%
   Futures                                              -0.04%       -0.21%
   Macro                                                   -0.41%        1.36%
Specialty Strategies Group                           0.06%         4.29%
   Long-Short Credit                       0.70%         4.54%
   Multi-Strategy                                     -0.37%         4.14%

Greenwich Regional Hedge Fund Indices  Apr 2012   YTD Return
Developed Markets            
   Composite                                                 -0.34%           3.70%
   Global                                                -0.43%           1.75%
   Asia                                                      -0.80%           5.95%
   Europe                                                0.01%           4.80%
   North America                                    -0.24%           5.17%
Emerging Markets            
   Composite                                               -0.98%           6.40%
   Emerging Markets Global                   -0.31%           3.73%
   Emerging Markets Asia                        -0.68%           6.41%
   Emerging Markets Europe                         -2.26%           9.63%
   Emerging Markets Latin America/SA    -1.48%           7.07%

The GGHFI is one of the oldest benchmarks of the hedge fund universe.  Final Strategy and Regional index results for April will be available in early June, once additional funds have submitted returns.  Past performance and indices construction rules for all Greenwich Hedge Fund Indices may be viewed at www.greenwichai.com.

About Greenwich Alternative Investments

Greenwich Alternative Investments, LLC (and its affiliates) is a leading alternative investment firm providing hedge fund indices, industry research, and index-linked products and services to institutional investors worldwide.

Greenwich Alternative Investments
Stamford, CT 06905
+1 203.487.6180

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