European hedge funds appear to have come through a torrid
month in March largely unscathed, although the flat overall
index performance masks very broad dispersion in terms of
individual fund returns – with many big outliers on
both the positive and negative sides.
With numbers for March now in for about 75% of the funds in
the EuroHedge database, the EuroHedge Composite index is
showing a provisional median return of just -0.05% for March
– after a month in which global markets were buffeted
by events in Libya and the Arab world, the disasters in Japan
and an array of macro-economic concerns.
The worst performing strategy, as expected, was managed
futures – where the median is showing a loss of 2% on
the month at this point – while the median return for
long/short European equity is also down on the month.
Convertible arbitrage, equity market-neutral/quant, credit,
currency and emerging market debt...