Jordan Drachman, Head of Research for Alternative Beta Strategies at Credit Suisse highlights April performance of The Credit Suisse Long/Short Equity Replication Index (AIR LOSHO Index).
Credit Suisse Global Macro Replication Index (Net) is down 0.37% in April. Credit Suisse Inverse Global Macro Replication Index (Net) is up 0.12%. And Credit Suisse Long/Short Equity Replication Index (Net) is up 0.14%. Credit Suisse Inverse Long/Short Equity Replication Index (Net) is down 0.53% in April.
In an environment where the S&P 500 was up approximately 10% in April, hedge funds returned positive performance, says Dr. Drachman. By providing hedge fund-like returns, the AIR LOSHO Index was up 0.14% for the month while the Credit Suisse Global Macro Replication Index (AIR GLMAC Index) was down 0.37% over the same period.
Early estimates for the long/short equity sector of the Credit Suisse/Tremont Hedge Fund Index also point towards a modest positive return, while early estimates for the global macro sector of the benchmark point towards a modest negative return. Like prior months in recent history, hedge funds remained cautious while managers slowly regained exposure to the markets in an effort to take advantage of the recent rally in equities.
L.D.