Performance

Event driven: Atticus climbs

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Event-driven strategies enjoyed a satisfying month, with the Absolute Return Event-Driven Index returning a positive 2.03%, bringing its year-to-date total to 5.98%. Event-driven merger arbitrage is doing particularly well given the rash of transactions this year. Timothy Barakett's Atticus Global, for example, climbed 4.54% in March for a year-to-date return of 14.42%. Within U.S. merger arbitrage, Gabelli Associates posted a less-impressive estimated 0.77% return for a year-to-date total of about 3.35%. Thomas Sandell's Castlerigg International picked up an estimated 2.15% in March for an annual total of roughly 6.94%.

Deephaven Capital Management's Deephaven Event Fund returned 1.70% for