<p><span>Hedge funds posted gains in April as banking turmoil and volatility accelerated throughout the month and extended into May with the closure and distressed acquisition of First Republic Bank. The HFRI 500 Fund Weighted Composite Index advanced +0.4 percent (estimated) in April, as managers effectively navigated the recent surge in banking volatility with performance gains led by Macro strategies. The HFRI Fund Weighted Composite Index</span><span>®</span><span> (FWC) also gained an estimated +0.4 percent for the month, led by Macro and Equity strategies, according to data released today by HFR</span><span>®</span><span>, the established global leader in the indexation, analysis and research of the global hedge fund industry.</span></p>