Recovering from major losses in January and February, the S&P 500 index bested last month's remarkable performance and posted its most significant profits (+9.57 per cent) since March 2000.

The commodities market confirmed its recovery and registered a third significant month of positive returns (+2.04 per cent). On the bond market, despite the negative returns of the LGB index (-1.82 per cent), convertible bonds also confirmed last month's significant profits and managed their best performance (+7.58 per cent) since October 1998.

Greatly benefiting from the performance of convertible bonds and the increasing credit spread, the convertible arbitrage strategy posted a fifth consecutive month of gains (+5.00 per cent).

Similarly, the increasing credit spread benefited to the distressed securities strategy (+3.87 per cent). The emerging markets strategy managed a second month of significantly positive returns (+6.54 per cent). Conversely, the CTA global strategy remained negative (-1.50 per cent) for a fourth consecutive month.

Again this month, the profits of the stock markets benefited the equity-oriented strategies such as long/short equity (+4.24 per cent) and event driven (+3.59 per cent). These strategies posted their best performances since, respectively, February 2008 and April 1999.

On the other hand, equity market neutral could do no better than a slight loss (-0.15 per cent).

Overall, the fund of funds strategy (+1.00 per cent) benefited moderately from the gains on the stock markets.