A month of mixed returns in global equities


Global equities advanced during the month, but Acacia Master Fund saw its returns impacted by a one-off event, leaving March numbers at -0.23% and first-quarter numbers at -1.36%.

One of the fund’s short postions – Tudou, one of the most unprofitable Chinese online video providers – was acquired by Youku, at a significant 150% premium through its inflated stock. While Acacia’s position was relatively small, at just over 1% of the portfolio, the premium paid and the further stock rally offset otherwise strong gains in the core portfolio.

The remainder of the core portfolio performed well, with