Total alpha has been positive in 70% of the months since Jan 2010

Event Driven Hedge Funds  are shining according to new data from a prime brokerage unit of a large bank.

Hedge funds posted a seventh consecutive month of positive returns in May according to Morgan Stanley’s May 2017 Hedge Fund Recap report.

• Bridgewater Reveals Uncorrelated Strategy, Volatility & Beta Targeting

The report, which relies on proprietary estimates of hedge fund returns from the bank’s prime brokerage team, notes that all hedge fund strategies had a median and average return of 0.59% in May vs. MSCI AC World at +2.28%. These figures take year-to-date gains to +4.1% (median) to +4.9% (average). Americas-based hedge funds underperformed the wider benchmark adding 0.34%, weighed down by lackluster returns from the equity long/short...