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Opalesque Exclusive: Zeff Capital Offshore Fund down -4.5% in Q1 Zeff Capital Offshore reported a 4.5% net loss in the first quarter of 2008, significantly outperforming the general market’s 10% decline in the period. The Fund reported losses of 1.4% in January, 0.8% in February and 2.4% in March. Zeff Capital Offshore’s conservative approach and 25-30% cash position helped to weather this period better than others. Since inception in July 2001, the strategy has gained 181.4%.

Negative events at NetManage (NETM) and Trio-Tech (TRT) drove down the first quarter’s results. NetManage’s shares fell more than 30% during the quarter due to the failure of its acquisition by Rocket Software. In March, NETM announced that Rocket had failed to secure the necessary financing to complete a transaction. NetManage will continue to operate as a stand-alone entity but remains an excellent acquisition opportunity. Zeff Capital Offshore sold some of our NETM stock during the due diligence process but the Fund maintains a position in the company. NETM is selling for $4.30 per share with $2.50 in net cash.

Trio-Tech’s shares dropped 30% after announcing the loss of a 20% customer in February. Trio-Tech, a semiconductor testing company, remains healthy and expects to return to its historical growth path with or......................

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