Hedge funds returned 1.58% in April, lagging 7.68% for the S&P 500...

Hedge funds returned 1.58% in April, lagging 7.68% for the S&P 500 index and 15% for the Nasdaq composite, according to the Hennessee Hedge Fund index. Short-biased strategies were hammered, returning -8.29%. Of the 23 sub-indexes, the best performers were health care and biotech, up 4.67%; and Latin America, up 3.18%. Year to date, the overall index is up 1.44%, outpacing the -5.37% return for the S&P 500 and -14.34% for Nasdaq.