Hedge Funds

Event-driven and distressed were top performers in 2004


Hedge funds that followed event-driven and distressed strategies in 2004 far outperformed their peers in other strategies, helping to put them on top for the year as a whole.

According to preliminary numbers compiled by the Absolute Return database, event-driven funds produced a whopping net return of 2.85%, boosting their full-year returns to 10.57%. Likewise, in December, distressed funds tracked by Absolute Return produced a net return of 2.5%, helping vault them to 13.7% for the year.

Also hitting high numbers in December were U.S. Equity funds, which ran up average profits of 1.33%, and technology long/short funds, which