Hedge Funds

Preliminary returns show heavy losses in April


Hedge funds of every stripe had a tough time making money last month, as shown by the preliminary returns of the Absolute Return indices.

Not surprisingly, convertible arbitrage funds took the biggest hit, posting a collective loss of 3.20%, which reflects the ongoing difficulties the strategy has faced. The Marathon Global Convertible Fund lost 3.66%, close to the average loss for convertibles funds in April. CTAs suffered the next largest loss, posting a 2.93% collective drawdown for the month. Graham Capital's Graham Global Investment Fund Ltd - Multi-Trend Portfolio posted a 5.95% loss in April.

U.S. equity-focused funds