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Portfolio > Alternative Investments > Hedge Funds

MSCI Index Falls 1.1% in April

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NEW YORK (–The MSCI Hedge Fund Index returned negative 1.1% in April, dragging year-to-date returns through April down to 2.3%, based on preliminary results.

The performance numbers for April are compiled with 62% of funds in the index reporting. March’s MSCI Hedge Fund Index final returns were 0.4%, after MSCI reported preliminary returns of 0.2%.

The MSCI index April performance was hurt by funds in the MSCI Directional Trading Index, which returned negative 4.1%. That index, which includes futures, global macro, and tactical asset allocation funds, returned 0.6% in the year-to-date period. Final returns for March in the Directional Trading index were 0.3%, an upward revision from preliminary returns of negative 0.1%.

The best performing MSCI subindex in April was the MSCI Specialist Credit Index, which returned 1% and is up a strong 4.4% year-to-date through April. That index includes distressed securities funds, long/short credit funds and private placement funds. For March, the Specialist Credit Index returned 0.3%, following preliminary results of 0.2%.

The MSCI Relative Value Index, composed of general arbitrage, merger arbitrage and statistical arbitrage funds, was flat with a return of 0% in April, keeping its year-to-date return at 1.6%. March’s results for that index were revised a hair upward to 0.3% from a preliminary 0.2%.

Event-driven and multi-process hedge funds, which comprise the MSCI Multi-Process Group Index, returned negative 0.8% in April and were up 3% during the first four months of the year. The Multi-Process index returned 0.5% in March, down from preliminary returns of 0.7%.

The MSCI Security Selection, composed of long/short equity, market neutral equity, and short-biased funds, returned negative 0.9% in April and 2.7% in the year-to-date period through April. March returns were 0.5%, up from preliminary returns of 0.3%.

The returns compared favorably with broad equity indexes. The Standard & Poor’s 500 Stock Index returned negative 1.6% in April and was up 1% year-to-date through April. The MSCI World Equity Index returned negative 2% in April and is up 0.5% year-to-date.

The MSCI World Sovereign Debt Index returned negative 4.3% in April and was down 2.4% year-to-date.

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Contact Robert F. Keane with questions or comments at:

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