April was a ‘risk off’ month, and performance from Asian markets was very mixed.
APS Asia Pacific posted a small loss of 1.36% to take three-month figures to 3.31%. Contributors to performance included Cardig Aero Services, although after its recent run-up the managers have trimmed their position in the stock. Other good holdings within the long book included quick-service restaurant operator Minor International Nvdr, while on the short side a Korean petrochemical corrected sharply after posting three consecutive quarters of earnings disappointments.
Recent additions to the portfolio include Padini Holdings, a clothing retailer which targets the