Well, we may need to rename the monthly hedge fund report. In April it became evident that the term "hedge fund" has become passé. The industry now prefers terms--euphemisms, some may say--such as "downside protection" and "absolute return." No matter what you choose to call them, the consensus is clear on one thing: Hedge funds saw some bright spots in April.

In fact, the Financial Times notes that the tide may be turning back in favor of hedge funds, as some big names showed impressive increases in inflows. It’s actually a big-name, big-fund phenomena, but it’s still worth noting. For example, Highbridge reached $20 billion in net inflows, including $225 million from its majority owner JPMorgan.

Institutional portfolios are playing a major role in keeping alternative investments afloat these days. Pensions are still thirsty for hedge funds--especially as they try to rebalance after equity losses. According to a Casey Quick report, institutional allocations to alternative investments of all stripes have stayed around 3.5 percent since 2004. Not too shabby.