Key Takeaways
- • The hedge fund industry posted its second-best monthly return since 2009 in April 2026, with the average fund gaining 4.8%, driven by a sharp market rebound that pushed the S&P 500 up more than 10% and stocks to all-time highs.
- • Tiger Global's flagship fund returned 15% in April (up 3% year-to-date), while Light Street Capital delivered 18.2% monthly returns (11.3% YTD), outperforming broader equity indices through concentrated stockpicking strategies.
- • Event-driven and macro-focused funds demonstrated broad performance strength: CastleKnight Management gained 21.2% in April (26.9% YTD), and Graham Capital's Tactical Trend strategy returned 6.6% monthly (20.5% YTD) across a $21.6 billion AUM base.
- • Emerging-markets and Asia-focused strategies capitalized on regional rallies, with Carrhae Capital's long-short strategy up 10% through April 24 and reaching 5.5% YTD returns, while Point72-affiliated managers in Hong Kong benefited from cross-border equity strength.
- • Strong April results reflected institutional investors' shift toward risk-on positioning and event-driven strategies following elevated volatility, with lessons from prior market dislocations (Liberation Day) informing successful hedging and positioning decisions.
Summary
April 2026 marked one of the strongest months for hedge fund performance in over a decade, with the industry capitalizing on a broad equity market rally that pushed major indices to historic highs. Hedge Fund Research characterized the performance as a "historic gain," with the average fund delivering 4.8% in monthly returns—the second-best result since 2009, trailing only November 2020. The S&P 500's more than 10% gain in April created a favorable environment across multiple hedge fund strategies, from pure equity plays to macro and event-driven approaches.
Long-biased growth-focused managers led the performance standings. Chase Coleman's Tiger Global returned 15% in its flagship hedge fund strategy during April, bringing year-to-date returns to approximately 3%. Peer Glen Kacher's Light Street Capital demonstrated even stronger results, posting 18.2% monthly gains and reaching 11.3% YTD returns through concentrated exposure to growth equities. These returns underscore the sustained demand for high-conviction equity strategies in a market environment favoring momentum and technology-driven rallies.
Event-driven and tactical macro strategies also achieved outsized gains, demonstrating diversification benefits across hedge fund peer groups. CastleKnight Management, the $3.6 billion event-driven fund operated by Aaron Weitman, posted 21.2% April returns and 26.9% year-to-date performance. Kenneth Tropin's Graham Capital, managing $21.6 billion in assets, achieved 6.6% in its Tactical Trend strategy and 4.2% in its Quant Macro offering during April, with year-to-date results of 20.5% and 11.1%, respectively. These results highlight institutional capital rotation into alternative beta and macro hedges following periods of elevated volatility.
Emerging and frontier market strategies benefited from synchronized global equity strength. London-based Carrhae Capital, run by former SAC trader Ali Akay, posted 10% returns through April 24 in its long-short strategy, pushing year-to-date performance into positive territory at 5.5%. In Hong Kong, Asia-focused multimanager platforms affiliated with Point72 founder Steve Cohen's network also demonstrated strong performance, capturing regional equity rallies and cross-border capital flows. These results underscore the breadth of April's market strength across geographies and investment styles.
## SOURCES USED
- Business Insider: "These hedge funds crushed it in April — and a key Liberation Day lesson helped them"
- Hedge Fund Research: April 2026 industry performance data
- HSBC Hedge Weekly: Carrhae Capital performance metrics
Long-biased growth-focused managers led the performance standings. Chase Coleman's Tiger Global returned 15% in its flagship hedge fund strategy during April, bringing year-to-date returns to approximately 3%. Peer Glen Kacher's Light Street Capital demonstrated even stronger results, posting 18.2% monthly gains and reaching 11.3% YTD returns through concentrated exposure to growth equities. These returns underscore the sustained demand for high-conviction equity strategies in a market environment favoring momentum and technology-driven rallies.
Event-driven and tactical macro strategies also achieved outsized gains, demonstrating diversification benefits across hedge fund peer groups. CastleKnight Management, the $3.6 billion event-driven fund operated by Aaron Weitman, posted 21.2% April returns and 26.9% year-to-date performance. Kenneth Tropin's Graham Capital, managing $21.6 billion in assets, achieved 6.6% in its Tactical Trend strategy and 4.2% in its Quant Macro offering during April, with year-to-date results of 20.5% and 11.1%, respectively. These results highlight institutional capital rotation into alternative beta and macro hedges following periods of elevated volatility.
Emerging and frontier market strategies benefited from synchronized global equity strength. London-based Carrhae Capital, run by former SAC trader Ali Akay, posted 10% returns through April 24 in its long-short strategy, pushing year-to-date performance into positive territory at 5.5%. In Hong Kong, Asia-focused multimanager platforms affiliated with Point72 founder Steve Cohen's network also demonstrated strong performance, capturing regional equity rallies and cross-border capital flows. These results underscore the breadth of April's market strength across geographies and investment styles.
## SOURCES USED
- Business Insider: "These hedge funds crushed it in April — and a key Liberation Day lesson helped them"
- Hedge Fund Research: April 2026 industry performance data
- HSBC Hedge Weekly: Carrhae Capital performance metrics
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