After the benign conditions of the first quarter May was a
brutal month which saw equity markets falling off sharply: the
MSCI World index was down 8.63% while the S&P 500 was off
6.01%. On a relative rather than absolute return basis, hedge
funds did fairly well, the median for the Global Multi-Strategy
sector falling by 0.88% to take year-to-date figures to
Those funds with a large directional equity...