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Bailey McCann, Opalesque New York:

Hedge funds performed well in the first quarter posting the highest returns since the end of the pandemic, according to new data from Citco. Funds administered by Citco posted a weighted average return of 7.3% overall in Q1, building on the strong performance seen throughout much of 2023.

Equity funds were the top performers, with a weighted average return of 8.49%, followed by Multi-Strategy funds at 7.59%, and Event Driven funds which came in at 4.03%. All other strategy types were also positive, with Fixed Income Arbitrage, Commodities and Global Macro funds at 3.49%, 2.75% and 2.58% respectively.

The quarter also saw record trading volumes, eclipsing the high markets witnessed in the final quarter of 2023. While activity has been largely driven by high-frequency trading strategies resulting in significant trading volume in equities and equity swaps, there was also sustained interest in fixed income products and derivatives on commodities, rates, and indices.

Despite broadly positive performance there were still outflows. Hedge funds had net outflows of $4.4 billion for the first quarter with equities strategies seeing the majority. Equities strategies had net outflows of $4.1 billion, followed by Multi-Strategy funds at $1.8 billion, and Emerging Markets at $0.6 billion.

In terms of size, the largest funds drove performance in the first quarter. Funds with more than $3B of assets under administration were the top per......................

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