Perspective Alpha Fund Gains 0.56% as Energy Longs Offset Sharp Equity Selloff

Steve Moore’s $97 million fund gained 0.56% in March, bringing year-to-date returns to 3.91%. The strategy worked through a month of volatility driven by geopolitical tensions, rising commodity prices, and persistent inflation and global growth concerns. Portfolio positioning reflected the manager’s continued emphasis on bottom-up stock selection combined with macro-driven risk assessment.

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Market Landscape

March was dominated by geopolitical tension after the Middle East conflict disrupted global commodity supply chains, contributing to a sharp selloff across equity markets. The S&P 500 declined 5.0% while the Nasdaq Composite lost 4.7%. Rising oil, fertilizer, and refined product prices reignited inflation fears and pushed government bond yields higher. Investors are increasingly focused on the economic consequences of higher borrowing costs, particularly for households and businesses already absorbing pressure from rising financing expenses and input costs.