April was a tricky month for European long/short equity
funds as market volatility and unpredictability continued to
increase, although good stock selection led to gains for some
Early indications are that May could be bloody, though
– with many of those who still had sizeable net long
positions giving back a good part of the gains they had made in
the first quarter.
Some of Europe’s veteran managers performed
well in April, despite the fast-changing market environment.
Adelphi Europe was up 3.01% on the month, leaving three-month
figures at 11.01%. In the short book were six positions down
more than 10%...