Introduction

Hedge funds outperformed underlying markets in April with a -0.17%¹ return and witnessed strong net flows of US$10.41 billion from investors. Total inflows amounted to US$28.13 billion while client redemptions added to US$17.72 billion. The MSCI World Index dropped 1.62% on the back of rising eurozone sovereign yields, weak US economic data and slow Chinese growth. Managers added US$1.34 billion through performance with Latin American focused and relative value mandates delivering the highest returns. Total assets under management rose back above the US$1.76 trillion mark primarily due to asset gains seen in long/short equity and North American funds.

Highlights of hedge fund performance and asset flows for the month are as follows:

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Footnote

¹ Based on 46.59% of funds which have reported April 2012 returns as at 11 May 2012