In a context were both equity and bond markets rallied in Q1, hedge funds delivered returns close to +2.5%, Lyxor said in its Weekly Brief. According to the Lyxor Global UCITS peer group, high beta strategies such as Special Situations, EM-Global Macro and directional L/S Equity outperformed (+3.5 to +4%). Meanwhile, relative to others, low beta strategies such as L/S Equity Market Neutral and Merger Arbitrage underperformed (+0.5% to +1%). L/S Credit and CTAs delivered returns in a range of +2% to +2.7%.