Demonstrates the median return of hedge funds utilizing global macro strategies.  Global macro hedge funds typically invest in stocks, bonds, currencies and commodities in global capital and derivatives markets and carry directional long and short positions.  Only hedge funds that have reported net returns for the particular month are included in the index calculation.

Demonstrates the median return of hedge funds  with merger arbitrage strategies.   A typical merger arbitrage strategy involves the exploitation of pricing inefficiencies between different parties in a merger or an acquisition transaction.  Only funds that have reported net returns for the particular month are included in the index calculation.

Demonstrates the median return of hedge funds with convertible arbitrage strategies.  The typical convertible arbitrage strategy involves a realization of spreads between convertible fixed income instruments and non-convertible instruments such as stocks.  Only hedge funds that have reported net returns for the particular month are included in the index calculation.

Demonstrates the average return of commodity trading advisors in the Morningstar CISDM database. Only CTAs that have reported net returns for the particular month are included in the index calculation.

Demonstrates the median return of hedge funds with distressed securities strategies.  Such hedge funds typically invest in the securities of companies in financial distress or already in default, which trade at significant discounts to their par value.  Only hedge funds that have reported net returns for the particular month are included in the index calculation. 

Demonstrates the average return of all hedge funds, except funds of funds and CTAs.  Only hedge funds that have reported net returns for the particular month are included in the index calculation.

Demonstrates the median return of hedge funds with market neutral portfolios.  A typical market-neutral strategy involves exploitation of market inefficiencies while maintaining a net equity market exposure no greater than 10% long or short.  Only hedge funds that have reported net returns for the particular month are included in the index calculation.

Demonstrates the median return of hedge funds with long and/or short directional strategies in equities.  Such hedge funds typically take long or short positions in equities and may simultaneously use hedging strategies with futures and options.  Only hedge funds that have reported net returns for the particular month are included in the index calculation.

Demonstrates the median return of hedge funds with event driven strategies.  Such hedge funds typically invest in corporations which involve a "special situations" transaction such as a merger, restructuring, liquidation, bankruptcy tender offer, share buybacks, or other capital structure adjustments.  Only hedge funds that have reported net returns for the particular month are included in the index calculation.

Demonstrates the median return of hedge funds with low volatility fixed income arbitrage strategies. 

Demonstrates the median return of funds of funds that invest in multiple managers with a variety of fund strategies.  Only funds that have reported net returns for the particular month are included in the index calculation.