The Credit Suisse/Tremont Hedge Fund Index rose 1.68% in April.

According to the monthly report, which was released Tuesday, the emerging-markets strategy had the best performance. It generated returns of 5.2%, benefiting from global optimism as well as high oil prices.

A number of long/short equity funds maintained a cautious stance toward the global markets, which generated returns of 2.5% for the funds.

Relative value strategies benefited from favorable credit market conditions. Convertible arbitrage funds continued to generate positive performance, with a 4.5% gain in April and a 12.6% return for the first four months of the year.

The global macro sector had another positive month. It was the only hedge fund strategy in the broad index to post six consecutive months of positive returns, according to Credit Suisse/Tremont.

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