Aggregate hedge fund performance was slightly positive in April, but equity strategies, which have taken in the vast majority of investor flows in 2014, were negative for the second consecutive month, according to eVestment’s report.
Technology and biotech sector exposures hurt aggregate equity returns during the month. Tech sector funds posted the industry’s largest losses in April.
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Credit has again become the top performing segment of the hedge fund industry. After the group faced outflows amid fears of a rising rate environment in late 2013, they have ultimately benefited as rates have since declined throughout 2014. Securitized credit continues to lead the group for the year.
Activist strategies posted their second consecutive decline in March leading event driven strategies down for the month. Despite losses from activists, event driven remains one of the better performing segments of the industry and is outperforming the S&P in 2014.
Emerging markets were split during the month with losses coming out of China and Eastern European exposures while Africa/Middle East continues to produce strong results.
Commodity funds have quietly found themselves among the industry leaders in 2014 with strong natural gas, grains and metals markets providing opportunity for the universe.
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By GlobalData
