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Performance: Opalesque Exclusives: Bedrock`s macro fund up 8.10% (est.) MTD due to crude oil options, diminishing of US dollar exposure and reduction of overall market exposure, A China fund that is not down! QBridge China Fund returned +4.07% in Q1 2008, nominated for 2 awards, managers see positive developments in China NPL space, hire 3 in HK
Wednesday, April 30, 2008

Opalesque Exclusive: Bedrock`s macro fund up 8.10% (est.) MTD due to crude oil options, diminishing of US dollar exposure and reduction of overall market exposure Benedicte Gravrand, Opalesque Geneva: Bedrock Global Themes’ net performance MTD to April 25th is + 8.10% (estimated) and the YTD performance to April 25th is 2.66% (est.).

Daniel Penseyres, partner at Bedrock, told Opalesque that the manager of Bedrock Global Themes had, during the month of April, initiated several profitable trades; first with a change in the fossil fuel theme by divesting from oil stocks and engaging in the purchase of crude oil options to take advantage of rising oil prices and volatility. Secondly, the manager also benefited from a weakening dollar by greatly diminishing its US Dollar exposure. Finally the hedging strategies, mainly through Index futures, helped to reduce overall market exposure from 110 to 50 net in the first half of the month of April. Looking forward, the manager remains optimistic for markets yet he expects them to remain volatile.

See our September exclusives on the Bedrock Global Themes Fund: Emerging market, energy rock Bedrock Global Themes fund, Macro views (part 1) Source Macro views part 2 - The......................

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