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  Wilshire Liquid Alternative Index Gains 0.98% in April

SANTA MONICA, CA, MAY 15, 2019—The Wilshire Liquid Alternative IndexSM, which provides a representative baseline for how the broad liquid alternative investment category performs, returned 0.98% in April, outperforming the 0.66% monthly return of the HFRX Global Hedge Fund Index. The Wilshire Liquid Alternative Index family is a joint offering between Wilshire Funds Management, the global investment management business unit of Wilshire Associates Incorporated, and Wilshire Analytics, creator of the Wilshire 5000 Total Market IndexSM.

“April marked a continuation of gains across risk assets, buoyed by economic growth, low volatility and a favorable credit environment,” said Jason Schwarz, President of Wilshire Funds Management and Wilshire Analytics. “As a result, equity and credit markets were accommodative, offering a favorable environment to generate positive risk-adjusted returns.”

Multi-Strategy

The Wilshire Liquid Alternative Multi-Strategy IndexSM, which includes both single and multi-manager funds, returned 1.08% in April.

Global Macro

The Wilshire Liquid Alternative Global Macro IndexSM ended the month up 1.50%, outperforming the 1.15% return of the HFRX Macro/CTA Index. Trend followers enjoyed a positive month in April, as equities continued to rally. Discretionary macro managers were generally positive in April.

Relative Value

The Wilshire Liquid Alternative Relative Value IndexSM ended the month up 0.54%, outperforming the 0.21% return of the HFRX Relative Value Arbitrage Index. Credit-based strategy returns were generally positive on the month due to strong performances by U.S. and European high yield. Structured credit managers were also positive in April due to holdings of residential mortgage-backed securities and consumer credit assets.

Equity Hedge

The Wilshire Liquid Alternative Equity Hedge IndexSM ended the month up 1.42%, outperforming the 0.67% return of the HFRX Equity Hedge Index. Long-biased managers added positively to performance as volatility eased and equities rallied. Domestic strategies outperformed global strategies during the month with Financials and Information Technology investments as notable contributors.

Event Driven

The Wilshire Liquid Alternative Event Driven IndexSM ended the month up 0.86%, outperforming the 0.47% return of the HFRX Event Driven Index. Merger arbitrage strategies contributed positively to performance in sympathy with the rise in equity markets and notable mergers and acquisitions activity. Managers long credit risk gained as low-rated high yield bonds and leveraged loans regained after a return of risk appetite in the marketplace.

About Wilshire Associates

Wilshire Associates, a leading global financial services firm, provides consulting services, analytics solutions and customized investment solutions to plan sponsors, investment managers and financial intermediaries. Its business units include, Wilshire Analytics, Wilshire Consulting, Wilshire Funds Management and Wilshire Private Markets. The firm was founded in 1972, providing revolutionary technology and acting as an early innovator in the application of investment analytics and research to investment managers in the institutional marketplace. Wilshire also is credited with helping to develop the field of quantitative investment analysis that uses mathematical tools to analyze market risks. All other business units evolved from Wilshire’s strong analytics foundation. Wilshire developed the Wilshire 5000 Total Market Index and became an early innovator in creating integrated asset/liability analysis/simulation models as well as practical models in risk budgeting through beta and active risk analysis. Wilshire has grown to a firm of approximately 260 employees serving the needs of investors around the world. Based in Santa Monica, California, Wilshire provides services to clients in more than 20 countries representing approximately 500 organizations with assets totaling approximately US $9 trillion.* With ten offices worldwide, Wilshire Associates and its affiliates are dedicated to providing clients with the highest quality products and services. Wilshire® and Wilshire 5000® are registered service marks of Wilshire Associates Incorporated. Wilshire 5000 Total Market IndexSM is a service mark of Wilshire Associates Incorporated.

Please visit www.wilshire.com
Twitter: @WilshireAssoc

*Client assets are as represented by Pensions & Investments (P&I), detailed in P&I’s “Largest Retirement Funds” and P&I’s “Largest Money Managers (U.S. institutional tax-exempt assets)” as of 9/30/17 and 12/31/17, and published 2/5/18 and 5/28/18, respectively.

The data in this release are copyrighted and owned by Wilshire Associates Incorporated.

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