According to hedge fund data provider HFR, hedge funds lost 1.7% on average in March, taking losses for the year to the end of March 0.6%. Against a positive return of 3.4% for the S&P 500 equity index over the same timeframe, this performance is hardly encouraging for the sector. However, the headline figures hide a wide dispersion of returns. Many funds were caught out by sharp moves in the US government bond market and banking stocks after the collapse of SVB Financial Group and Credit Suisse in the first few weeks of the month. Q1 2023 hedge fund letters,…
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