As equity markets rallied strongly in March, most long/short equity funds missed out on the gains, as they were positioned with low net exposures. As a result, equity underperformed many hedge fund strategies in March. The Absolute Return U.S. Equity Index posted a 1.27% gain to finish the first quarter at 0.30%. The Absolute Return Global Equity Index rose 1.63%, for a year-to-date total of 0.61%.
Although positive, March's gains by hedge funds paled in comparison to the broader equity markets, as the S&P 500 Index rose 8.54% in that month, for a total loss