Hedge fund returns rebounded a bit in April, according to the Credit Suisse/Tremont Hedge Fund Index.

The index rose 0.57% last month. “After a difficult first quarter for global financial markets, hedge funds rebounded in April, driven primarily by gains in the Long/Short Equity sector,” explained Oliver Schupp, president of Credit Suisse Index Co., Inc.

“Stronger than expected earnings posted in the financial and retail sectors helped boost investor confidence, driving an increase in stock prices amid declining volatility. Market uncertainty does persist however, as concerns over rising inflation continue to plague economies worldwide,” he added.

“Despite concerns, hedge funds showed resilience for the month, quickly adjusting to changing market conditions and capitalizing on key opportunities arising from the first quarter. As these market developments continue, we estimate that seven out of ten hedge fund sectors will end April on a positive note,” Schupp concluded.