The HFN Hedge Fund Aggregate Average was up 5.39 per cent in May and is up 9.22 per cent for 2009, according to estimates from HedgeFund.net.

The HFN Hedge Fund Aggregate Average was up 5.39 per cent in May and is up 9.22 per cent for 2009, according to estimates from HedgeFund.net.

The HFN Fund of Funds Aggregate Average was up 3.52 per cent for May and is up 4.38 per cent for 2009. This was the first strong recovery month for funds of funds in 2009.

For the third month in a row, performance in May was primarily driven by surging global equity markets. Long/short equity funds were up 5.85 per cent, putting them up 10.45 per cent in 2009.

Emerging markets also soared during the month aided in part by the sharp rise in commodity prices. The HFN Emerging Markets Average was up 12.46 per cent for the month.

The broad rally in commodity prices, along with several strong currency moves against the dollar and rising US interest rates all helped CTA/managed futures investment products. The group was the standout of 2008, but started the year with four straight negative months. A return of +3.45 per cent in May pushed the HFN CTA/Managed Futures Average to +0.65 per cent in 2009.