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Jonathan Binder From Komfie Manalo, Opalesque Asia:

Florida-based Consilium Investment Management, manager of the Consilium Global Credit Strategy fund, has reported that the fund had survived the challenging month of May with a net return of +0.08% (+3.93% YTD) on the back of negative performance from its long position in Argentina sovereign bonds.

Consiliums Chief Investment Officer Jonathan Binder disclosed in the latest monthly report that although Mays performance "was not too spectacular," the fund did managed to have positive contributions from both its long (60%) and short (40%) positions.

Binder said about the funds exposure to Argentina: "We had entered the position on the premise of a combination of the positive momentum the country was generating and the clear miss-pricing of the euro denominated bonds versus the USD ones. With our current view of a potential risk-off mood in the capital markets as well as the recent concerns we have developed with regards to Argentine economic policy, we have since exited the position, but will continue to monitor it." Consiliums best performing position was its holding of Tamweel bonds, which is expected to benefit from the support of Dubai Islamic Bank.

"Also affecting the companys results in May was the combined effects of the swine flu outbreak as well as the slowing down of the global economy which had a significant operati......................

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