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From Precy Dumlao, Opalesque Asia:

AlphaNorth Partners Fund, a long-biased small cap fund focused on Canadian companies, sustained its three-month winning streak this April and is up 6.4% (12.9% YTD), compared with S&P’s TSX ventures which returned 6.2%, and a 1.7% return for the TSX composite during the same month. The fund’s president and CEO Steven Palmer said new technologies are pushing demand for rare earths making it his favorite place to invest in the resource sector.

The fund is up 47.4% since its inception in December 2007, data showed. It is managed by AlphaNorth Asset Management, an investment manager based in Toronto

In its April Market Commentary, AlphaNorth said that it had deployed some of its capital into several short positions that moderated losses in the recent market weaknesses.

“North American equity indices continued to climb the ‘wall of worry’ in April. There has been considerable discussion in the press recently about the coming inflation and higher interest rates which will be the catalyst for lower equity prices… We have maintained that equities are due for a correction after such an uninterrupted bull run since Q1/09. Recent unstable market activity may indicate that a correction has already begun,” said Palmer.

The fund’s 2009 performance (160%) was a complete turnaround from its dismal showing in 2008 when it returned -53.3% (See: Opalesque Exclusive: ......................

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