The results show a 40% increase in confidence globally compared to Q4 last year, when there was a wide dispersion between confidence scores. Positivity across hedge funds was broadly aligned over the last quarter, according to the HFCI, with North American-based hedge funds expressing the highest level of confidence at a positive rating of 20 (scores taken into account range between -49 and +49). Meanwhile, the confidence of hedge funds domiciled in the EMEA and APAC regions increased by 70% and 58% from Q4 last year, while the UK saw an uptick of 60%. When dividing the hedge funds into two size groups, the HFCI found that funds with more than $1bn under management - which account for 54% of the index - scored 19 in terms of confidence, while their counterparts below $1bn scored 17.