NEW YORK (–Hedge funds in the Credit Suisse/Tremont Hedge Fund Index posted another strong month of returns as the index gained 2.2% in April, building on March’s 1.82% growth and putting the index up 7.8% year-to-date.

Emerging markets managers enjoyed the biggest bounce of the month, with a 3.82% return following 1.37% in March. That strategy remains the best-performing of 2006, having returned 13.05% so far.

In a statement accompanying the index results, Oliver Schupp, president of the Credit Suisse/Tremont Hedge Fund Index, credited ongoing corporate activity, the Bank of China’s new plan to raise interest rates, and the ongoing rally in energy and commodities prices with driving investments in long/short equity, which returned 2.34% in April. The strategy is up 9.38% for the year.

Big gains were also made in global macro and managed futures, which in April returned 2.86% and 2.92%, respectively. “The sectors profited from a significant downward movement of the U.S. dollar vs. euro and yen,” said Mr. Schupp, along with “booming economies of the emerging markets that stoked demand for oil, coal and other raw materials, resulting in gold reaching a 26-year high and oil, copper and metals prices setting all-time record highs.” Global macro managers have returned 8.78% year-to-date; managed futures, 7.14%.

Solid April returns were to be found in almost all categories of the Credit Suisse/Tremont Hedge Fund Index. Convertible arbitrage posted a 0.75% increase, about half the March return, but the strategy is up 6.3% year-to-date. Equity market neutral returned 2.02%, event-driven returned 1.75%, fixed income arbitrage returned 2.05%, and multi-strategy returned 1.58%.

Once again, dedicated short bias was the sole category occupying the doghouse in April, with a loss of 0.75% on the heels of a 3.32% loss in March, as the hole for those managers, now negative 6.54% for the year, continued to deepen.

The index’s benchmarks fared well in April. The FTSE All World Index gained 3.33%, boosting its year-to-date return to 10.84%. The S&P 500 Index, with dividends, increased 1.34% and is up 5.61% year-to-date.

April was also fertile for the Credit Suisse/Tremont Investable Hedge Fund Index, where a 1.77% increase for the month brought the index’s year-to-date return to 5.59%. Confirmed performance for March was 1.6%.

Contact Bob Keane with questions or comments at