The MSCI Asia ex-Japan advanced by 6.3% on the month providing a favourable environment for most managers. BDT Oriental Focus was up 4.2% to take first quarter numbers to -4.07%. The portfolio saw most of its Hong Kong and China positions performing strongly: First Pacific, Techtronics, Minth, Petrochina and Shangri-La all gained 10% or more over the month following good 2010 results announcements.
Boyer Allan Pacific Opportunities was up 2.94% on the month taking Q1 returns to -0.81%, while GAM Asia Equity Hedge gained 3.17% during March to put first-quarter numbers at 1.45%. HT Asian Catalyst was up