Early estimates indicate that May was a strong month for the hedge fund industry, with all indices producing positive returns. The month was especially good for long/short equity funds, with each of the Absolute Return equity indices rising more than 2%. The Absolute Return Composite Index gained 1.59%, putting it up 1.64% for the year.
The U.S. Equity Index led the way, with an estimated return of 2.66% in May, bringing it up 0.93% for the year. The Commodities Index returned 1.42% for May, putting it in the lead on a year-to-date basis, up 8.08%. The Credit Index produced