Monthly commentary BMS March 2019
Brummer Multi-Strategy (BMS) SEK generated an estimated return of 0.8 per cent in March (1.0 per cent for USD class).
Major equity indexes in Asia, Europe and the US continued its rise in the month of March, as did bond markets. Rates have in general decreased recently, as central banks have adopted more dovish stances and in addition poor economic data this month, from the Eurozone in particular, put further pressure on rates. Brexit and trade talks continued to be the focus of media coverage.
Lynx and Florin Court both had a very good March, up 7.6 per cent and 4.4 per cent respectively, with gains predominantly attributable to developed fixed income markets for the former, and more emerging market interest instruments for the latter. L/S equity fund Bodenholm generated positive alpha (stock selection) and Asian macro fund Arete also had a good month, with returns above 1 per cent. Nektar (fixed income relative value) and AlphaCrest (systematic equities) both struggled and ended the month in negative territory, -1.1 per cent and -1.4 per cent respectively. L/S equity fund Manticore was down 2.1 per cent for the month.
As of April 1st, the portfolio managers rebalanced between AlphaCrest and Nektar, increasing the weight in AlphaCrest and reducing the weight in Nektar.
