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Benedicte Gravrand, Opalesque Geneva:

March 2011 delivered many unforeseen world events (earthquakes and tsunami, nuclear reactors melting down in Japan; revolution and civil wars in MENA). Meanwhile liquidity, sovereign debt problems and budgets continued to be at the forefront of economic affairs. "Given the state of expanding government debt, hard assets are a logical step," said one of the two energy hedge fund managers we look at today.

Both funds announced flat returns this month, as well as a much more cautious stance going forward.

Meanwhile, the HFRI Energy/Basic Materials Index is down 1.08% (est.) in March and up 2.76% YTD; and the S&P Global Natural Resources Index (total return) was up 1.37% yesterday, down 1.86% MTD and up 4.48% YTD.

Windermere’s natural resource fund up 37% YTD, beating MSCI metals and energy indices Windermere Capital, an investment management firm based in Montreal, Canada, announced yesterday that its Navigator Fund, a natural resource fund, was down 1% in March.

This was comparable to the U.S. and Canadian broad markets (S&P 500 and TSX 60) which were down very marginally in the month. The Gold & Silver Index (XAU) was up 0.6% for the month and the star performer was the S&P GSCI index which was up by more than 5% on the back of higher energy prices, says the fund’s monthly report.

The fund is up 37.7% YTD (after returning 100% i......................

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