The LF Brook Absolute Return Fund returned 4.46% net of fees during the first quarter of 2022, marginally underperforming its benchmark, the MSCI Daily TR Net World Index, which added 4.82%.
The $1 billion strategy has returned 12.8% per annum since inception at the beginning of May 2009, according to a copy of the fund's first-quarter investor update Hedge Fund Alpha has been able to review.
Writing in the update, the Absolute Return Fund's portfolio managers, James Hanbury and Jamie Grimston, say that while benchmark indexes recorded a positive return during the first three months of the year, there were "plenty of opportunities to lose money."
During the period, the long book generated returns of 10.7% with a positive alpha of 3.7%, while...
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