Alpha does well but predicts uncertainty


Keeping the biggest positions in defensive high-yield stocks, which held up well in January, helped the Alpha Pacific Qualified Partners Fund gain 3.31% for the month.

Short-side positions reflected scepticism about the China rally, notably in financials and consumption, one of the most crowded trades in the world, says Elmwood Advisors' Quinn Riordan. Having gone into the month long Japan, the regional equity long/short fund cut exposure later in the month.

Concern dominates the outlook for the months ahead, Riordan says, as previous imbalances have been replaced with new ones. The fund, which used to focus on Japan, can now