Permal tech fund's tactics see 16.2% gain


Like a quarterback looking to make a winning pass into the end zone, the portfolio team behind the Permal Media & Technology Fund went long and deep in May. Seeing no reason to hedge against stock-specific or possible macro events, the fund's investment manager, Essex Investment Management, lightened up on the shorts. And by the end of May, it was clear the tactical bet had paid off as the portfolio gained 16.2% for the month.

The big May showing left the tech and media fund up a hefty 27.6% at the start of trading in June. The portfolio includes