Hedge funds delivered a weighted average return of 5.6% in April, one of their strongest months of the decade, according to Citco’s Monthly Hedge Fund Update for April 2026. The report covers the roughly $1.3 trillion in hedge fund assets administered by Citco, a fund services group that handles accounting and middle-office operations for hedge funds. Nearly 90% of funds finished April positive, a clean reversal of March that lifted the year-to-date return to 4.1%.
Equities led, and every strategy gained
Equity strategies posted the best weighted average return at 7%, with Global Macro funds close behind at 6%. Multi-Strategy funds returned 4.7%. The slower groups still finished in positive territory: Commodities at 2.8%, Fixed Income Arbitrage at 1.9%, and Event Driven at 1.3%. Every strategy Citco tracks gained ground in April.
Fund size mattered, and it favored scale. Funds with more than $3 billion in assets under administration, the capital an administrator like Citco services for a manager, returned 6.7% on a weighted average basis. That was the strongest of any size bucket. The $500 million to $1 billion group returned 4.4%, and the smallest funds, those under $200 million, returned 4.1%. The result reversed the prior month, when smaller funds had held up better.
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