NEW YORK (HedgeWorld.com) – April was a good month for emerging markets managers and for hedge funds on the whole in the CSFB\/ Tremont* Hedge Fund Index, which was up 1.96% last month.<\/p>\n
The best performing strategy for the time period was emerging markets. The emerging markets sub-index finished up 3.89% for the month and 5.52% for the year through April 30. Economic data from Argentina, Venezuela and Brazil has improved, according to emerging markets asset allocation analysis by officials at BAREP Asset Management, Paris.<\/p>\n
Distressed managers, which are part of the event-driven sub- category of the index, were the top performers for the year-to- date, up 8.72%. Managed futures also performed well so far this year returning a positive 7.47%. For the month, the performance returns for managed futures was less enticing, up just 1.39%, but much improved from March when managed futures funds in the index lost 6.10%<\/p>\n
The third best performer for the year was event-driven strategies, which gained 6.56% through April, benefiting from the positive performance of the distressed strategies included in the sub-index. For the month, event-driven returned 2.51%, while the remaining underlying sub-strategies finished the month up 2.03% (event-driven multi-strategy) and 1.52% (risk arbitrage). For the year, both underlying sub-categories have positive performance; the event-driven multi strategy is up 5.8%, while risk arbitrage gained just 0.13%.<\/p>\n
Other strategies bounced back in April, too. Better-than- expected earning reports led to higher global equity markets significantly higher in April and in turn led to strong gains for equity-oriented strategies, according to a statement from Oliver Schupp, president of Credit Suisse First Boston Tremont Index LLC.<\/p>\n
This trend can be seen in April’s performance in the long\/short equity and dedicated short-bias index categories. Most of the CSFB\/ Tremont Index’s long\/short managers picked up in April, as the strategy returned a positive 2.44%, while for the year April the strategy was up 2.58%.<\/p>\n
Dedicated short-bias funds were victim of the market upswing. Those managers posted a loss of 6.36% in the month of April and for the year were down a total of 9.39%. After a phenomenal year in 2002, short-sellers are now struggling to have a repeat performance.<\/p>\n
Arbitrage strategies and global macro also were up for the month and the year. The convertible arbitrage sub-index returned 6.94% for the year and 1.42% for the month of April. Not too far behind for the year is global macro at 5.48%, up 2.16% for the month. Fixed- income arbitrage did well, too, gaining 3.98% for the year-to-date and 1.25% for the month.<\/p>\n
Multi-strategy funds in the index returned 3.93% for the year through April and were up 1.55% for the month.<\/p>\n
The CSFB\/Tremont Hedge Fund Index since inception has returned 159.01%. The index is comprised of 431 funds, up from 415 as of March 1. Twenty-two funds were added.<\/p>\n
Those new funds are: Marathon Global Convertible Master Fund; Canyon Capital Arbitrage Master Fund Ltd.; BAREP Convertible Arbitrage Fund; Zazove Hedged Convertible Fund LP; Asian Credit Hedge Fund; AlphaGen Altai (Class A); AG Arb Partners LP; Vega Relative Value Fund; Alternatime; Highland Opportunity Fund Ltd; The Capital Fund Ltd; Vega Global Fund Limited; Gabelli Performance Partnership LP; Jupiter Hyde Park Hedge Fund Ltd.; Myers Limited Partnerships; Gabelli European Partners Ltd.; AlphaGen Avior Fund Ltd (Class B); Haidar Jupiter International-Short Equity Class; Malta Hedge Fund II LP; Aspect European Equity Fund (USD) Ltd.; Double Black Diamond Ltd. and Double Black Diamond LP.<\/p>\n
Six funds were dropped. Two are under the US$10 million Pactual funds, Pactual-Eternity Fund Ltd. and Pactual-Infinity Fund Ltd., and the SEB Hedgefond Equity are believed to be liquidating, while Maple Row Partners LP liquidated. Appaloosa Investment Limited Partnership I and Palomino Fund Ltd. decided to report only to existing investors and no longer reports to the index.<\/p>\n
In addition, Alpine Associates LP has been reclassified from the multi-strategy sub-index to the event-driven sub-index, and Watch Hill Fund LP merged into Watch Hill Strategic.<\/p>\n
*Tremont Advisers Inc., Rye, N.Y., is a strategic partner of, and a minority investor in, HedgeWorld.<\/p>\n","protected":false},"excerpt":{"rendered":"
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