NEW YORK (HedgeWorld.com)–April was not a good month for many of the hedge fund strategies in the S&P Hedge Fund Index, which fell 0.6% in April and is up just 1.28% in the first four months of the year.

The index, published and managed by Standard & Poor’s, was hurt by sharply negative performance from the component S&P Directional/Tactical Index, which fell 2.69% in April. For the year through April, the Directional/Tactical Index, which contains futures, global macro and long/short equity strategies, returned 0.41%.

The S&P Managed Futures Index, a related index that contains the futures strategies in the broader index and additional futures fund strategies, was down 8.02% in April, bringing its year-to-date return to negative 0.25%.

The S&P Arbitrage Index, a component of the S&P Hedge Fund Index containing equity market neutral, fixed-income arb and convertible arb strategies, returned 1.04% in April and is up 1.65% year-to-date through April.

The third component of the S&P Hedge Fund Index, the S&P Event-Driven Index, returned negative 0.1% in April and 1.78% in the first four months of the year. That index contains merger arbitrage, distressed and special situations strategies.

S&P last month said it would begin publishing the S&P Long/Short Equity Index. Like its Managed Futures Index, it will contain the long/short equity strategies in the broader index and others not included

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PBarr@HedgeWorld.com