NEW YORK, (Reuters) – Hedge funds saw gains of 2.33% during April. This was mainly due to macro funds that performed well in high volatility. A report from HFR, a data provider for hedge funds, showed Friday.

A macro fund asset-weighted index shows that macro hedge funds bet on macroeconomics trends and rose 5.49 percent in the fourth quarter. HFR claimed that the results were driven by strategies which benefited from rising interest rates, skyrocketing inflation, and conflict between Russia and Ukraine.

Macro hedge funds saw a 13% increase and a decline of 13.37% in the first 4 months 2022.

In the same year, overall industry growth was 4.22%.

Kenneth J. Heinz (President of HFR), stated that hedge fund managers and investors had successfully adapted to extreme volatility, huge dislocations and enormous uncertainty. Heinz also said in a statement, “Hedge funds managers and investors have effectively managed to adapt the current fluid market paradigm which is defined by extreme volatility and massive dislocations and tremendous uncertainty. They demonstrated tactical flexibility and operated as liquidity providers throughout the volatility.”

At the other end of the spectrum, equity hedge funds lost 3.62% in April, but they still outperformed the S&P index, which was down 8.71% in the month.