Performance

Another mixed bag

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Multi-strategy funds produced mixed results in April, as ongoing weak fundamentals in the credit markets hurt managers holding fixed income securities, particularly convertibles. But many managers were sufficiently diversified to withstand losses in other instruments. Dan Gold's QVT Overseas Ltd fund posted a 1.34% loss - hardly unique among competitors, and yet the fund was also the subject of market rumors. Nonetheless, it is in positive territory for the year, with a 2.51% year-to-date gain. Jim Simons' Medallion Ltd. notched a 0.90% gain in April, bringing its year-to-date gain up to 9.43%. Clint Carlson's Double Black Diamond Ltd.