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Christian Baha From Komfie Manalo, Opalesque Asia:

Asset management and investment advisory firm and Miami-based Noctua Partners reports that its global macro fund, the Alto Global Fund posted a gain of 1.13% in April, bringing the year-to-date return to +3.73%, both net of fees.The HFRI Macro (Total) Index was up 0.90% in April, 2.14% YTD.

In its monthly commentary for investors, Noctua says that equity trading contributed the largest gains last month, particularly trades during the month in S&P and Eurostoxx futures. "Fixed Income was down slightly in April, as large gains in Argentina and Italy longs were offset by losses in a short Spanish sovereign. FX trading also slightly detracted from gains in April," the statement reads.

The positive performance in April reversed two consecutive months of losses for the hedge fund. Alto Global was down -0.03% in February and -2.46% March but was up 5.18% in January. The fund finished 2012 with a strong 45%; it was down 23% in 2011, and up 26% in 2010.

According to Noctua, the market expectations for the economic improvement in the U.S. continued to surpass fundamentals. The economic surprise index turned negative in April, as the only positive news was the housing report, it added.

"In Europe, we see a similar trend unfolding: the protracted downturn in Europe is likely far worse than the market is pricing," the report continued, citing rising unempl......................

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