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 managers.
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