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