The Aston BRIC Fund, Select Fund and Performance Fund all made gains in January, up +1.80%, +0.22% and +1.77% respectively (USD class).
The BRIC Fund, a regional multi-strategy fund which invests in countries which exhibit high levels of growth, bounced back after a disappointing 2008 (12 month return -12.72%). All three underlying managers contributed a positive return to the Fund.
Positive performance for the Select Fund came from global macro and volatility strategies, which have performed strongly over the past few months. This was partially offset by losses in credit and asset backed strategies, due to asset writedowns and a challenging corporate environment.
The Performance Fund also enjoyed gains from global macro and volatility, as well as event driven strategies. The manager identified the marked absence of leverage and reduced trading activity of proprietary trading desks as a great opportunity set for managers with a trading orientation. The underlying funds actually performed better than the Ashton fund result implies, as their returns were offset slightly by Ashton’s cash holdings. These holdings are expected to be deployed as new opportunities arise.
