Elm Ridge bounces back
Elm Ridge Capital Management's $1.1 billion long/short equity strategy bounced back at the end of the first quarter, with gains continuing into the second. The vehicle's 7% rise in March pared its first-quarter loss to 2.3%. As of mid-April, the portfolio had added about an additional 9%, bringing the fund into the black for the year.
By comparison, the Absolute Return U.S. Equity Index gained 1.27% in March, for a first-quarter total of 0.30%. Although the stock market rallied in March, Elm Ridge made its gains with a net exposure that was only slightly long (about