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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.
“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-
• Emerging Market funds fall substantially more than Developed Market managers – Greenwich Regional Composite Indices decline -0.34% and -0.98%, respectively;
Strategy Group Summary
Greenwich Global Hedge Fund Index -0.46% 3.95%
Market Neutral Group 0.06% 3.83%
Equity Market Neutral
Arbitrage -0.21% 3.55%
Long-Short Equity Group -0.96%
Growth -1.13% 7.17%
Directional Trading Group -0.17% 0.33%
Macro -0.41% 1.36%
Specialty Strategies Group 0.06% 4.29%
Greenwich Regional Hedge Fund Indices Apr 2012 YTD Return
Composite -0.34% 3.70%
Emerging Markets Global
Emerging Markets Asia -0.68% 6.41%
Emerging Markets Europe
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.
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Stamford, CT 06905