The HFRI Emerging Markets (Total) Index, which covers all EM regions, advanced +2.2 percent in May and +4.8 percent YTD through May, leading the HFRI Fund Weighted Composite Index ® (FWC), which is comprised consists of globally-based hedge funds investing in both Emerging and Developed markets. The HFRI FWC Index advanced +1.5 percent over the first five months of the year, led by the directional HFRI Equity Hedge (Total) Index, which jumped +3.8 percent in May and +2.7 percent YTD through May.