Similarly, after seven months of severe depreciation and a stabilisation in February, the commodities market, with a profit of +6.63 per cent, appeared to stage a recovery. The bond market also managed a positive return, as reflected by the Lehman Global Bond index (+2.18 per cent).

Despite a narrowing credit spread, the convertible arbitrage strategy managed a fourth month of positive returns (+2.58 per cent) in relation with the significant profit of the convertible bonds (+5.06 per cent).

Affected by a long-term correlation to the commodities and bond markets, the CTA global strategy posted losses (-1.64 per cent) for the third straight month.

The distressed securities strategy also seemed unaffected by the narrowing credit spread and posted a gain (+0.46 per cent). The emerging markets strategy finally ended a nine month period of losses with its best performance (+3.74 per cent) since October 2007.

The equity-oriented strategies such as event driven (+1.07 per cent) and long/short equity (+2.18 per cent) benefited from the good performance of the stock markets and recovered from last month's losses. With limited gains (+0.19 per cent), the equity market neutral strategy benefited less from this rebound.

Overall, the fund of funds strategy also benefited from the gains on the stock markets but posted limited gains (+0.16 per cent).