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Pivotal Point of View · April 2025

Pivotal Point of View — April 2025

Published 14 May 2025 · Covers April 2025

Originally issued as May 2025.

A tariff U-turn sparked life back into the markets at month end, but many strategies still struggled to get on top of April’s wild swings

+0.1%Composite, April
+0.0%Composite, year to date
+4.0%Composite, Q2
Volatility TradingLeading strategy

Headline strategy indices

StrategyAprilYear to date
Volatility Trading+1.6%+4.2%
Equity Quant+1.2%+4.8%
Equity Sector+0.9%−4.3%
Equity Diversified+0.8%+0.4%
Multi-Strategy+0.4%+1.0%
Event Driven+0.4%−0.4%
Credit−0.1%+1.5%
Global Macro−0.4%+2.5%
Managed Futures−4.4%−8.0%

Net of fees, in USD. The Composite plus the nine headline indices with a published monthly series; ordered by month return.

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