Hedge funds gained an average of 1.86% in April, according to HedgeFund.net. But by comparison, the S&P 500 gained 8.24% in April and 4.83% since the beginning of the year. The Dow Jones Industrial Average also trounced hedge funds last month, returning 6.25% in the month and 2.39% since the beginning of the year.

The top 25% of hedge funds returned an average 2.99%, while the bottom 25% earned 35 basis points.

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