May performance data of HFRX daily indexes show just how badly the broader hedge fund benchmark continues to trail markets in 2013. Through May 31, the HFRX Global Hedge Fund index is up 4.55% year to date. The Russell 3000 was up nearly 3 1/2 times that amount through the first five months of the year. The MSCI ACWI IMI ex U.S. rose 5.1%. According to HFR, convertible arbitrage funds benefited in May from exposure to U.S. and Japanese convertibles, while event-driven gains during the month were driven by activist, special situations and distressed exposures. Final HFRX monthly index returns will be published in mid-June.