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MSCI Investable Index Returns 0.15% in March

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NEW YORK (–The MSCI Hedge Invest Index, an investable hedge fund index, returned 0.15%, eking out positive performance amid a widely divergent month of performance for strategies in the index.

The quarterly return for the MSCI Hedge Invest Index was 1.81%.

By far the best performance in the index came from Japanese long/short equity funds, which returned 6.23% in the month, comprising the bulk of its quarterly returns, which were 6.89%. Japanese long/short falls into MSCI’s enhanced category, which includes long/short equity and short-biased funds.

Currency managers turned in the worst performance in March, negative 4.38%, bringing quarterly returns to negative 3.37%, also the worst for the period. Currency fund managers are a part of MSCI’s directional category, which overall returned negative 1.07% in March and positive 1.78% in the quarter.

A third category in the MSCI Hedge Invest Index, non-directional, returned 0.1% in March and 1.08% in the quarter. That category includes a number of arbitrage funds–its largest exposure being to convertible arbitrage–and market neutral and event-driven strategies.

The MSCI World Equity Index returned negative 0.86% in March and positive 2.69% in the first three months of the year, while the MSCI World Sovereign Index returned negative 0.66% and 1.25% in the same respective periods.

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