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From Precy Dumlao, Opalesque Asia:
The Bahamas-domiciled 2M Asian Absolute Return Fund Ltd, a multi-strategy absolute return fund focusing on opportunities in Asia, returned -1.38% in December 2010, and gained 8.53% during 2010, the fund’s Portfolio Manager Mike Munns reported.
Since inception in September 2005, the strategy has gained 264.80%.
Last year’s results were dwarfed by the fund’s 2009 returns which reached +57.33%. In 2008, 2M Asian Absolute returned -20.38% (See Opalesque Exclusive: here).
In a report to investors, Munns revealed that the fund’s Convertible Arbitrage portfolio returned slightly positive in December but that still was not enough to offset the negative results during the month.
The returns from risk arbitrage were positive last month, according to Munns as spreads on deals in the portfolio narrowed. New deals were also added to the portfolio during the month.
Munns told investors: “The model trading portfolio had positive performance during December. The negative performance was mainly caused by the widening of spreads in a few of the larger risk positions in the portfolio. As the underlying strategy is focused on mean reversion through time, the widening of...................... To view our full article Click here
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