The Herschel Absolute Return Fund posted a gain of +4.56% in April, having significantly increased its equity exposure since the start of the year.
The gross exposure of the Fund at the end of April stood as 56.2% (net exposure 50.6%), compared to January when gross exposure was only 28.7% (net 25.1%). As a result the Fund was able to capitalise on the ongoing rally in equity markets during April. In particular, consumer staples (+11.9%) and consumer discretionary (+12.1%) sectors were up strongly, driven by corporate activity in ABB Grain and Lion Nathan, which contributed significantly to the Fund's overall result.
