During the month the Dow Jones fell by -5.8%, the S&P 500 slid -6.3% and the NASDAQ plummeted by-14.4%.
On a year to date basis, the Average U.S. Hedge Fund decreased by -0.6% in comparison with the Dow and S&P 500 and the NASDAQ which fell -8.0%, -11.9%, -25.5% respectively.
More than 40% of hedge funds reported gains over the month, and 87% outperformed the S&P 500, the equity market continuing to plummet despite the Fed’s rate cut.
The strategies that performed best were those that strive for a negative correlation with the equity market, including:
- Short Sellers,
- Market Neutral-Arbitrage, and
- Market Neutral-Securities Hedging.
Final March performance for US, Offshore and Global hedge funds will be released later this month.