European funds


April, which began so unpromisingly with the outcome of the war on Iraq still far from certain, turned out to be the best month since January 2001 for European long/short equity. The median of nearly 1% was highest in the euro class, with many funds putting in much higher numbers, although the sterling class, featuring funds which focus mainly on the UK, was surprisingly down. On the other hand, global equity did even better than European long/short with a huge median gain of over 2% for the month. Managers in other strategy areas, such as convertible arbitrage, macro