Hedge funds across all investment strategies recorded positive returns in May, showing a rise of 2.71%, according to figures from CSFB/Tremont, the index provider. 

Oliver Schupp, president of CSFB/Tremont, said: "As the equity markets continued the run-up that began in March, hedge funds and more specifically directional equity-oriented hedge funds, took advantage of the bullish signals and posted solid gains during May."