|
|
March proved a good month for the Proxima Alfa funds, with the fixed income focused funds leading platform performance. Nayan (Fixed income RV, +3.52% net), Element (Macro RV, +2.94% net), Anak European Select (Equity L/S, +1.92% net), Elcano (Fixed income RV, +1.45% net), and Anak European (Equity market neutral, levered share class, +1.07% net).
Nayan had its best month since inception nearly 3 years ago, rising on a combination of intra-sector and inter-sector trading. In their intra-sector bucket, a combination of coupon choices and positioning of 15 year MBS vs 30 year MBS were the primary drivers of performance. In the inter-sector category, MBS vs swaps and CMBS vs corporates worked very well. Element continued to benefit (it was up over 9% for the quarter) from its view that US rates would remain stable given a Fed on hold. In addition, the fund benefited from going long volatility when uncertainty was greatest inter-month and from enhanced volatility relative value opportunities given increases in the volatility of volatility.
The Anak European-focused funds rose in good part on the strength of momentum factors. While value factors contributed positively to performance in continental Europe, they were negative influences in the UK market. Anak Select also benefited from being long beta in a market that rallied nicely after a difficult first few days of the month. Elcano’s gains came entirely from trading in inflation-linked bonds, particularly in Con...................... To view our full article Click here
|
|
RSS
