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From Komfie Manalo, Opalesque Asia:

The $20m Apollo Absolute Return Strategy (EM Macro) program managed by London-based The Cambridge Strategy performed well in June, with gains of +1.15% (+10.3% YTD), as it benefitted from the quick turnaround in sentiment when the Greek Parliament approved austerity measures to avert a debt default.

In fact, Apollo Absolute was profitable across its portfolio for the past 10 months (since October 2010), when it closed the month up 3.10%. The fund finished 2010 with a +12.9% gain.

In its monthly report to investors, Apollo Absolute said the fund seized the opportunity to close its short positions and abandon low net exposures. This enabled them to turn net long on the market when prices had fallen sharply and risk aversion was heightened. "We believed that the risk-reward ratio was skewed and that policymakers had no choice but to find a compromise on Greece," the fund told investors.

June was dominated by short periods of risk aversion as US economic data weakened and concerns over the European debt crisis gathered pace. US non-farm payrolls were weak, the unemployment rate rose to 9.1%, and industrial activity reports from New York and Philadelphia reflected supply shortages emanating from Japan’s nuclear crisis. Investors shied away from risk assets, as equities tumbled and the S&P 500 tumbled for 3 out of the 4 weeks in June.

The Greek financial crisis ga......................

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