The April returns for Dow Jones Investable Indexes, Frontier Capital Multi Asset Platform Fund versus the indexes, Hedge Fund Research Indexes and Lyxor Alternative Index.

Dow Jones
Hedge funds measured by the Dow Jones Credit Suisse Hedge Fund Index posted positive performance of 1.8% in April. Nine out of 10 sectors posted positive performance for the month. Among the best-performing strategies in April was managed futures (5.4%). Strong performances for the month also came from equity market neutral (3.37%) and global macro (2.46%). Managed futures managers capitalised on momentum in equity and energy prices. Equity market neutral managers benefited from low stock correlations and a largely fundamental orientation throughout the month. Currency trades positively contributed to many portfolios as managers held short US dollar positions against a variety of emerging market and commodity-related currencies. The bulk of returns were positive across most strategies in April with the notable exception of dedicated short bias.

Frontier Capital
The Frontier Multi Asset Platform (MAP) Fund returned a positive 2.1% in April with all eight asset classes showing positive returns. Global real estate was the best-performing asset class, up 5.9%, followed by global equities, up 4.2%, and managed futures, up 3.7%. The worst-performing asset class was global bonds, up 0.9% on the month, followed by emerging bonds and hedge funds, both up 1.4%. Over the five years to March 2011 the MAP strategy has generated 2.1% annualised returns with volatility of 9.5%. The Frontier Multi Asset Platform (MAP) is an investable fund tracking eight global asset class indexes using an asset allocation inspired by US university endowments such as Harvard and Yale.

HFRX
The HFRX Global Hedge Fund Index gained 0.47% in April with positive contributions from all event-driven strategies. The HFRX Event Driven Index posted a gain of 0.99% for the month, its fifth consecutive monthly gain. The HFRX Merger Arbitrage was up by 0.9%. The HFRX Distressed Securities Index also posted a gain of 0.8%. The HFRX Relative Value Arbitrage Index returned 0.9%, reversing the decline from March, while the HFRX Convertible Arbitrage Index posted a modest decline of 0.08%. The HFRX Macro Index was up 0.89% with a strong positive contribution from systematic macro strategies only partially offset by mixed performance across discretionary strategies. The HFRX Equity Hedge Index posted a decline of 0.51% with declines in fundamental value and market neutral substrategies. Reversing strong gains from March, the HFRX Equity Market Neutral Index fell 0.47% with weakness in trend-following models.

Lyxor
The Lyxor Global Hedge Fund index was up 1.4% in April, lifting year to date gains to 2.1%. Trend-following CTAs posted the highest strategy return in April and the index's highest return since August of last year. Short-term CTAs and macro funds also fared well gaining 1.9% and 1.8% respectively. The Equity Long/Short Long Bias Index gained 1.4% while the Variable Bias Index was up 1.5%. Managers with a commodity stock or emerging market bias were able to post higher numbers. The Long/Short Credit Index gained 1% and the Convertible and Volatility Arbitrage Index fell 0.5%, partially due to a cheapening of bonds relative to theoretical values. The Fixed Income Arbitrage Index gained 0.6% with managers in the mortgage-backed sector performing significantly better than average. Event driven managers had a decent month with the Special Situations Index gaining 0.6% and the Merger Arbitrage Index up 1.1% on a favourable environment for M&A transactions. The distressed index posted an increase of 0.7% due to idiosyncratic events in post-reorganization equity. The Lyxor Global Hedge Fund index is an investable index based on Lyxor's hedge fund platform which tracks the overall hedge fund universe.