Energy Short Bets Help Sirios Outperform S&P In Rough Month For Markets

John Brennan’s Sirios Capital Management, which manages $237 million in its GAIA UCIT fund, declined 3.4% in March, outperforming the S&P 500 Net Total Return Index, which fell 5.0% over the same period. The relative outperformance produced positive alpha despite negative absolute returns, with the long book detracting overall but holding up better than the broader market.

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Monthly Commentary

The fund declined in March but outperformed its benchmark, generating positive alpha as short positions effectively hedged against the broader market’s decline. The long book detracted from performance but held up better than the benchmark, while short positions produced positive returns that partially offset long-book losses.