Hedge funds rally in Q1, powered by gains in equities

Hedge funds capped the first quarter with gains across different strategies, as a rally in stocks, some commodities and the dollar helped the industry weather a less shiny period for bonds, investors said. Fundamental equities long/short hedge funds were up 6.28% in the first quarter, while systematic long/short funds posted gains of 11%, according to a Goldman Sachs' prime brokerage report that tracks hedge funds globally. Hedge funds focused on technology rose 11.3%, it added. The S&P 500 advanced 9.09% in the quarter. Investors typically consider the hedge component that hedge funds should provide amid turmoils alongside performance at good…