The Fortitude Absolute Return Fund made a slight gain of +0.26% in April, while the Cayman Islands extension of the Fund made +0.13%, driven by yield and small cap portfolios.
The Fund's yield positions performed particularly strongly during April, with Macquarie Airports Tickets (the largest single name exposure in the portfolio) performing strongly. In the small cap area, the manager carried out a deliberate approach of trading event names, which proved successful. Derivative strategies struggled, though the manager remain committed to a long gamma view.
