The rally in global equities was profitable for many although some underlying managers found their short positions a drag on performance. Private Advisors Hedged Equity Fund was up 3.16% on the month to take year-to-date figures to 6.07%. All managers in the portfolio generated positive returns, and all remain net long, with exposure ranging from around 10% to 75%.
Top contributing managers included North Run, Marble Arch and Ross Turner’s Pelham. Marble Arch benefited from its sizeable net long position in the information technology sector. Pelham, like other holdings Lancaster and Adelphi, were boosted by the strong performance