Hedge Funds Gain 2.41% in March; Emerging Markets Jump 4.74%

Hedge funds gained 2.41% in March according to Prime One Capital Index compiled by POC. The Index is now up 0.82% in 2010.

“After an eight percent sell-off in early March, the S&P 500 Index bounced back to gain 17 percent from March 9 to March 31, its largest 3-week rally since 1987,” says Peter Glass, Vice President of Prime One Capital.

Overall, 15 of POC’s 18 fund indices gained ground in March. The POC Emerging Markets Index jumped 4.74%, Equity Long Bias gained 3.51%, Technology was up 3.20%, Pacific Rim Equities gained 2.65%, Healthcare and Biotechnology rose 2.36%, and Convertible Arbitrage was up 2.25%.

“Emerging market funds did exceptionally well in March, driven by double-digit returns in the equity markets in Brazil, Russia, India and China,” says Glass.

“With the sudden upturn in equity markets, Equity Long Bias had its strongest one-month performance since gaining 4.72% in January of 2006.”

The POC Index gained 0.23% in March, and is up 0.61% in 2010.