Plurimi World Long Short Equity posted a net gain of 0.8% in April. The long portfolio benefited from continued strength in artificial intelligence and semiconductor holdings. Meanwhile, the short book faced headwinds as investors extended the growth rally. New positions reflected the managers’ conviction in durable AI spending and selective value opportunities.
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Market Landscape
April saw investors continue to favor companies linked to artificial intelligence, cloud computing, semiconductor equipment, and data-center infrastructure. Strong corporate earnings and rising tech capital expenditure supported the theme. Conversely, several defensive and value sectors lagged. This backdrop created a challenging environment for many short positions, particularly companies exposed to AI-related optimism.
Portfolio Analysis
The long book contributed 7.9% during the month and remained the main driver of positive returns. Performance centered on the AI semiconductor theme. Alphabet delivered the largest contribution after reporting strong first-quarter results. A $20 billion expansion in Google Cloud and increasing adoption of Gemini AI products supported the stock’s 33% surge. This Cloud expansion represents a 63% rise on a YoY basis. Micron also produced strong gains, rising 53% as demand for AI memory continued to accelerate. This demand dynamic directly supported the high-bandwidth memory production capacity for 2026, which became fully committed.
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