Hedge Funds Add 5.68% In May

``“With hedge funds up 5.68%, May was the best month for hedge funds since February 2000, when the index was up 6.83%,” Lee Hennessee, managing principal of the Hennessee Group, said. “Gains were largely driven by arbitrage strategies. However, long/short equity managers, with reduced levels of exposure, also performed well, participating significantly in the market rally while maintaining hedges.”''