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 best-performing hedge funds were specialty technology hedge funds, which returned a mean of 6.20% in April. The next best-performing were emerging markets funds, which returned a mean of 4.62% in the month, followed by value hedge funds, with a mean increase of 4.33% in the month.

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