Global funds of funds


With the positive backdrop of rising markets all the strategies in the InvestHedge index posted strong returns of 1.62% in May. Relative value and event-driven strategies performed well, with merger arbitrage looking like it could come out of the doldrums. Overall, the InvestHedge Arbitrage index, which returned 1.21%, was boosted by the convertible arbitrage managers, who had a record-breaking month of $14 billion in new issuance in the U.S. Of the specialists, Commerzbank's Cedar fund returned 2.79%, taking its three-month performance to 5.02%, as did Richcourt's Variable Opportunities fund with 2.41%.

Category May-03 2003 YTD
Global Multi Strategy $ 1.63% 3.97%