Hedge fund returns continued to gather momentum in May, and are up about 7% for the year, according to RBC Capital Markets.

RBC reported that its RBC Hedge 250 Index had a net return of 3.6% in May, up from a 3.1% return in April. The index’s year-to-date return is now up to about 7.0%.

The convertible arbitrage strategy is leading the way with a 9.45% return in May, pushing its year to date return to 44.6%. These returns are estimated and will be finalized by the middle of next month, it noted.

IE