Sparse gains in bonds


Many fixed-income hedge funds in the Absolute Return database finished the month flat to negative, though some were able to notch slight gains. John Meriwether's Relative Value Opportunity II fund gained 0.14% for the month, bringing its year-to-date return to 3.01%. The Ellington Overseas Partners Ltd fund posted a 0.66% gain, bringing its year-to-date total to 4.76%. Warren Mosler's III Fund LP gained 0.05% and is now up 0.92% for the year. BlackRock's Obsidian Onshore fund posted a small loss of 0.67% in May, bringing its year-to-date total to 0.66%.

Group G Investments also notched a small loss,