December saw a year-end equity rally kicking in, and those with directional equity exposure led the way as the GMS category clocked up welcome gains to round off a tough year. The median was up 1.83% on the month, taking 2010 numbers to a disappointing 5%.
It was a good year for HeadStart Fund of Funds B2 which gained 4.6% on the month to end 2010 up 19.25%. The manager started 2010 with 20 positions having exited three managers and invested in six new ones over the course of the year. Running a largely balanced portfolio, HeadStart currently