Hedge funds in May reported their fourth straight monthly gain, according to Hedge Fund Research.
The HFRI Fund Weighted Composite Index was up 0.7%, raising its year-to-date return to 3.9% — ahead of both the S&P 500 and the Dow Jones Industrial Average.
The HFRI Fund of Funds Index climbed 1.1% for May and is up 4% for the year.
May’s performance was driven by a shift away from the emerging-markets-dominated gains in April to broad contributions from developed market equities, led by technology and health care, HFR reported.
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The HFRI Equity Hedge Index led all main strategies, adding 1.3% in May, and bring its gain since January to 5.1%.
The HFRI Emerging Markets Index dipped by 0.1% in May, only slightly denting its year-to-date gain of 6.5%.