Hedge funds, as measured by the Dow Jones Credit Suisse Hedge Fund Index, dropped 0.04 per cent last month after a gain of 0.05 per cent in March.

The index, an asset-weighted benchmark that seeks to represent the entire hedge fund universe, is up 4 per cent since the start of this year.

The Dedicated Short Bias sector saw the biggest decline of 2.53 per cent, and the strategy is down 15.27 per cent since the start of the year, the Swiss firm said.

Fixed Income Arbitrage saw the biggest rise of 0.69 per cent, in line with March. The strategy is up 3.65 per cent year-to-date.