The MM&E Capital Investment Trust No. 1 was up +0.26% in March, following on from gains in January and February.
Successful closeouts of positions in St George Convertible Preference shares as well as a share placement in AXA Asia Pacific pushed the Fund to a positive result for March. The Fund was also able to avoid two notable failed deals during the month, OZ Minerals and Adelaide Managed Fund Asset Backed Yield Trust.
The MM&E Capital Takeover Target Fund also recorded a gain in March, up +1.83%. The Fund remained underinvested for the month, causing it to underperform the market which gained approximately 7%. Positive returns came from positions in BOQ and Santos, while the Fund also profitably closed out a position in AXA Asia Pacific. Negative returns came from Healthscope, which was closed out during the month, and Lion Nathan. The manager will look to increase the level of investment by the Fund over the next few months.
