April's stock market rally spelled big gains for the York Select fund, which gained 13.5% thanks to its net long positioning. That gain puts the strategy up 13.65% for the year so far. By comparison, the Absolute Return Event Driven Index rose 2.27% in April for a year-to-date total of 5.51%.
It's a big rebound for the "best ideas" event-driven fund, which lost almost 45% in 2008. Notable gains came from exposure to Las Vegas Sands, whose shares rallied after the gaming company refinanced debt. Other winners include Teck Cominco, a metal producer that deferred some debt repayments,