Gun-shy hedge funds, fearing volatility and bracing for
further redemptions, were heavily hedged and in cash going into
the March-April market rally and, as a result, missed most of
the upside. The Absolute Return U.S. Equity and Global Equity
Indices trailed the two-month 18.73% rise of the S&P 500
Index by double digits, rising 4.08% and 4.98%, respectively,
over the same period.