Hedge fund strategies tracked by the Dow Jones Credit Suisse Hedge Fund Index trailed equity returns in the first quarter of 2012, but if investors knew where to look there were some individual funds that outperformed.
For instance, Global Macro managers as a whole returned 1.58% on an absolute basis in the Jan. 1 to March 31 period, below the 4.04% return of the broad hedge fund index and the 12.59% of the Standard & Poor’s 500 stock index. However all of the funds in the top-10 for global macro as tracked by Dow Jones Credit Suisse outperformed not only the broader hedge fund index, but the S&P 500 as well (see chart below).
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