Hedge funds gained value in May, according to the CSFB/Tremont Hedge Fund Index, which on Monday reported a 2.71% rise for the month.

Oliver Schupp, the president of Credit Suisse First Boston Tremont Index LLC, said that equity-oriented hedge funds took advantage of strong markets.

Through May 31, the index was up 7.05%. This year, the Standard & Poor’s 500 Index was up 10.5%. Managed futures funds outperformed all other strategies last month, reporting an average return of 5.14%. Emerging markets funds also did well, rising 5.01%. Managed futures funds lead for the year through May 31, up 13%.

Performance of the CSFB/Tremont Hedge Fund Index and its 10 style-based sector indexes is calculated monthly.

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