Fixed income was the best performing sub-strategy in April, with a 1.44% median gain on the month taking year-to-date figures to 5.13%.
The credit recovery was a major play for many funds of funds in 2009, but many now feel that, with spreads contracting, the cycle may have peaked and are starting to rotate into different areas.
Permal Fixed Income Holdings was up 2.01% to take three-month numbers to 5.02%. During the month, all strategies within the fund performed well, with the leaders being event driven, distressed and special situations. Fixed-income trading managers were also strong.
A key decision within the