Forum Absolute Return Fund gained 3.03% in January, continuing the portfolio's winning streak in 2008, when the fund netted 30.75%. The vehicle, which is managed by Jose Pedreira and has averaged a net annual return of 23.33% since inception nine years ago, employs a long/short credit strategy focused on distressed and fundamental value opportunities in emerging markets.
In January, both the long and short portfolios contributed to gains. Long positions returned 1.23%, shorts gained 0.91% and carry was 0.81%. The fund's long positions in Argentina benefited from a significant tightening of spreads on the back of a successful swap