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Jonathan Binder From Komfie Manalo, Opalesque Asia:

Florida-based Consilium Investment Management, manager of the multi-strategy EMAR Fund, reported that the Fund maintained an almost flat performance in Q1 at +0.19% after finishing March down -4.31% and offsetting the early gains posted in February (+4.64%) and January (+ 0.06%). Meanwhile, the capital markets gained positive returns three months in a row with the S&P 500 up 12% in Q1.

The $49.3m EMAR Fund invests long and short in Emerging Markets debt and equity securities. It was launched in Sept-2004 and is domiciled in the Caymans.

In a monthly communication to investors obtained by Opalesque, Consilium said it believes that the performance of the equity markets would continue in the short term just as the firm predicted in February. "We are now more cautious on capital markets as equity prices have moved higher very quickly and rarely do things move in a straight line. As we write this, the S&P has given back 1.7% as at its recent lows was down over 3.5% from the March close," the report added.

According to Consilium’s CIO Jonathan Binder, the company views the events in the markets as a healthy pullback and consolidation and he would not be surprised to see further downside in equity markets over the coming couple of months for a total correction from the high’s of 5-7.5%.

Credit markets reacted first to the weakness and they are tighter by ......................

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