The Greenwich Global Hedge Fund Index, one of the world's largest hedge fund databases, returned +2.04% in April, and +4.81% year-to-date. "Hedge funds continue to deliver solid returns, but with significantly less risk than equities," notes Ben Rossman, General Manager. "Over the last five year period, for example, hedge funds' annualized volatility measured about 4.5%, which is roughly a third of the 12%-13% volatility experienced by equities."
By comparison, the S&P 500, MSCI World Equity, FTSE 100, and Lehman Brothers Aggregate Bond indices were up by +4.43% (+5.09% YTD), +4.21% (+6.36% YTD), +2.24% (+3.68% YTD), and +0.54% (+2.05% YTD), respectively.
17 of 18 Greenwich strategies ended April in positive territory. Futures strategies led, up +4.42%, owing largely to managers' ability to capitalize on strength in energy and Euro and Sterling valuations. Short sellers, which account for roughly 1% of index constituents, were the exception; down -2.91% for the month.
Currently, the April Index includes 972 funds. Final results will be posted by Greenwich at the end of May, after additional funds have submitted returns.
In April, the Greenwich Investable Index returned 1.49% (4.03% YTD). It adds investability, active management and liquidity to the diversification and performance benefits of the broad Greenwich Global Hedge Fund Index. It references actual hedge fund vehicles as opposed to separately managed accounts that attempt to replicate the returns of actual hedge fund vehicles. Since inception in January 2003, the Investable Index has achieved an annualized return of +10.83% versus +11.93% for the Greenwich Global Hedge Fund Index.
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