The MM&E Takeover Target Fund gained +9.35% in April on the back of corporate activity on three of its investee companies.
Asciano, Lion Nathan and ABB Grain were all subject to takeovers during April, and the Fund was able to profit on each company. These three companies were the largest positive contributors to the Fund's overall result, however Arrow Energy and Duet Group also made gains for the Fund. Negative returns came from positions in Oz Minerals and Bank of Queensland. This result brings the Fund's financial year return to -13.73%, and is the third consecutive month the Fund has posted a positive return.
MM&E's Capital Investment Trust No's 1 and 2 also recorded small gains in April, up +0.10% and +0.12% respectively, driven by a placement in Onesteel.
