April saw investor sentiment tailing off after the strong first quarter of 2012, and returns from funds of funds were mixed, with several of the well-known names slightly negative on the month. Early indications are that May could be even worse.
Many, however, are still sitting on good gains from the first quarter. SkyBridge Legion Strategies saw a 0.79% gain on the month, taking year-to-date figures up to April to 6.97%.
A good part of the fund’s gains over the year have been driven by its foremost portfolio theme of prepayment-sensitive mortgage-backed securities, which have done well thanks