April saw the GMS median up just 0.85%. Nevertheless, some funds outperformed strongly, showing that opportunities were there for those able to exploit them.
Eddington Triple Alpha was up 3.34% on the month, which took three-month figures to 4.09%. During April, the fund saw strong gains from a credit manager who was up just under 35% on short sovereign credit positions. Eddington's CIO Alex Allen points out that during the month, the 'PIGS' CDS widened an average of 153 basis points - triple the widening seen in the previous worst month. In addition, the portfolio's activist manager was up