Despite continuing worries about the macro backdrop, equity returns were generally strong in April. Risk assets in particular came back strongly. Hedge funds posted welcome gains, with the global multi-strategy sector seeing a return of 0.95%, taking year-to-date figures to 2.14%.
One of the best performers recently has been Permal Investment Holdings, which saw a 3.94% rise in April take three-month figures to 5.15%.
During the month, managers in the portfolio gained from the continued weakness of the US dollar, which declined more than 4% against the euro as the monetary policy gap between Europe and the US