MBS: Slow and steady

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March saw the Absolute Return Mortgage-Backed Index continue its slow and steady gain, with a modest increase of 0.59% to bring its YTD return to 1.95%. Though lagging the Absolute Return Composite, mortgage funds had mostly positive returns. Gary Lieberman's West Side Advisors was one of the leaders, up 2.99% for the month to finish the quarter with a strong 5.22% YTD return. MBS Caspian Fund counts as another March winner, with Class R shares climbing 0.93% to total 2.56% YTD. Braddock Financial's Mortgage Opportunity Fund VI climbed 0.45% for a first quarter return of 2.79%. Highland Financial