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Reproduced from eVestment; Chart: Axios Visuals

Hedge funds outperformed the S&P 500 in March and have suffered fewer losses this year, showing their value during crisis periods, data from eVestment shows.

The state of play: March’s average loss was the second largest on record and largest since the height of the global financial crisis in October 2008 when the average fund lost 8%-9%.

The big picture: Hedge fund returns were highly differentiated and the 10 largest funds again managed to outperform the aggregate.

Of note: Managed futures strategies have been the shining star of the asset management world in 2020 after poor performance and outflows since 2016.

  • Managed futures strategies were "the only primary strategy with positive average returns in March and had by far the best proportion of products able to produce gains, with 53% of managers positive in March," Peter Laurelli, eVestment's global head of research, writes in a note.

What it means: Managed futures strategies are funds that can invest in many different asset classes and focus on systematic trends within assets, typically using derivatives and leverage.

Go deeper: A coronavirus guide for individual investors

Go deeper

Senate confirms retired Gen. Lloyd Austin as defense secretary

Photo: Greg Nash-Pool/Getty Images

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is required to begin the impeachment trial at 1 p.m. the day after the article is transmitted.

Dan Primack, author of Pro Rata
1 hour ago - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.

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