The Apeiron Global Macro Fund recorded a small gain of +0.25% in April on the back of neutral to positive global market returns.
The Fund, which aims to identify overarching trends in global futures and FX markets and invest based on markets which qualify as over- or undervalued, ended the month long in wheat and gold amongst others, and short in gilts, Japanese government bonds and Australian equity futures. The outbreak of swine flu increased volatility during the month however overall markets trended upwards.The manager retains a positive outlook in commodities in the medium to long term, however believes further gains in these markets will be volatile, and thus will continue to trade opportunistically.
