It was a tough year for the global multi-strategy sector, which ended 2011 under water by an average of 3.92%. Amidst the volatility seen in markets, only a handful of funds were in positive territory.
Silver Creek Dillon/Flaherty was up 2.65% for the year, after a 0.11% December, while Ermitage Global Multi-Strategy was up 2.58% following a -0.2% month and Caliburn Global Inefficiencies ended the year up 0.48% after a -0.71% December. Persistent Edge Global Partners Master saw a 1.15% monthly gain taking year-to-date figures to 6.41%.
GAM’s flagship Diversity portfolio, managed by David Smith in London, was