Performance

Dispersion in macro as risk desire returns

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Macro returns were all over the shop in April as the markets took on an unexpectedly bullish tone.

Prana posted a hefty 19.50% gain in April, to turn its YTD return positive at 18.38%, while Resurgam Growth was strong again - up by 9.47%. M&G Episode notched a 7.91% gain in a second successive strong month and is now up by 13.61% YTD, while GLC's Global Macro Fund added 3.08% and is now up 11.44% for the year.

A handful of other funds posted gains of between 1-3%, including LGIM Global Macro (2.94%), Pharo Macro (2.94%), TGM GTAA (1.55%),