The emerging-market median was up 1.21% on the month in April, taking year-to-date numbers to 1.57%.
While Latin American markets were generally lacklustre, there were gains to be made. M Square Latin America was up 1.71% to take three-month numbers to 4.73%. Underlying funds’ performances were well dispersed, but the portfolio’s long bias managers did better than their long/shorts, due to effective stock picking on the long side combined with more efficient hedging.
Multi strategy funds were generally well positioned to take advantage of the currency move, which contributed to their performance. The detractors for the month were