Financial News has this week looked at how some of the main hedge fund strategies have fared in the first quarter. Today we feature credit, global macro and managed futures strategies.

Hedge funds have staged a strong start to the year. The average hedge fund ended the first quarter up 3.9%, creating a new performance high-water mark for the $2.25 trillion industry, after surpassing the previous peak set in April 2011, according to data provider Hedge Fund Research.