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From Precy Dumlao, Opalesque Asia:

2M Asian Absolute Return Fund Ltd, a Bahamas domiciled multi-strategy absolute return fund focusing on opportunities in Asia, defied the volatile markets in May returning a modest +0.86% returns (+0.31% YTD), the fund’s Portfolio Manager Mike Munns reported.

The fund’s positive performance in May showed a slight improvement after the 2M Asia netted negative results the past couple of months (-1.34% in Marcy and -1.13% in April). The fund opened this year with a big loss (-3.80% in January) but recovered significantly in February with a strong +5.99% net gains.

The fund returned +265.93% since its inception in September 2005, data from the firm showed.

Commenting about 2M Asian Absolute’s convertible arbitrage strategy, Munns said: "We continue to see a trickle of new issuance in the convertible market in Asia. In our view, there is marginal value for investors. We are surprised at how quickly the convertible bond market has returned to pre-crisis levels. Given the level of uncertainty in credit and equity markets worldwide we will continue with our low allocation to this strategy."

Munns added that the company also entered into "light" new deals in its risk arbitrage strategy last month which generated positive results. Moreover the strong returns from these deals helped push the fund’s per......................

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