March saw managers working hard to boost UK-listed funds. Most notable is Dexion Absolute, sub-advised by Harris Associates, whose main GBP class is up 7.69% year-to-date after a 2.4% return in March.
Part of the gain is down to performance of the underlying managers in both long/short equities, where long portfolio gains kicked in in Europe and Asia, particularly in Korea. Long/short credit was also profitable, thanks to gains in the financial services sector.
However, a good part of the performance for the year to date appears to be down to other factors, such as the reverse auction