Hedge funds returned -0.15% for the first quarter, outperforming the...

Hedge funds returned -0.15% for the first quarter, outperforming the S&P 500 index’s return of -12.12% for the same period, according to the Hennessee Hedge Fund index. The best-performing strategies for the quarter were: short-biased, 9.2%; high yield, 7.6%; convertible arbitrage, 5.6%; and market-neutral, 5.3%. For March, the hedge fund index dropped 1.6%, compared with a 6.4% loss for the S&P 500.