Regal Funds Management's two market neutral funds, the Tasman Market Neutral Fund and the Amazon Market Neutral Fund, both recorded losses in April in challenging market conditions for market neutral funds.
The Tasman Fund lost -2.9% in April, however remains up +3.8% for 2009. The Amazon Fund was down -3.8% but also retained a positive 2009 return of +1.35%. The disappointing performance for both Funds was attributed to short positions rallying harder than long positions. Apart from gains made in the industrial sector the losses were spread evenly across sectors. The manager confirmed they are hoping to add more short positions to both Funds' portfolios if the short selling ban is lifted later in May.
