Table: Top-performing hedge fund categories

Top-performing hedge fund categories
Average returns for first-quarter 2009 for funds with more than $100 million in assets.
CategoryReturn
Convertible arbitrage12.45%
Corporate actions3.28%
Multistrategy2.93%
Fund of funds - non-directional2.54%
U.S. small-cap equity2.23%
HF debt arbitrage2.18%
Emerging market equity1.68%
Global debt1.62%
Fund of funds - derivatives0.85%
Fund of funds - multistrategy0.84%
Developed Asia equity0.32%
Fund of funds - equity0.25%
Fund of funds - event0.23%
Europe equity0.13%
Short equity0.13%
Global non-trend-0.05%
U.S. equity-0.07%
Equity arbitrage-0.15%
Global equity-1.47%
Distressed securities-2.52%
Global trend-2.85%
Fund of funds - debt-3.23%
Source: Morningstar Inc.

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