The WS Lancaster Absolute Return Fund gained 2.9% for March, bringing its first-quarter return to 1.4%. Since its inception, the fund has enjoyed a compound annual growth rate of 11.1%.
A “steady” quarter for Lancaster
In their first-quarter letter to investors, which was obtained by Hedge Fund Alpha, James Hanbury and Jamie Grimston described the quarter as a "steady" one for the fund. They've decided not to take on much market risk right now, instead relying on their stock picking to drive returns via a "relatively balanced" long and short book.
In the past, most of Lancaster's returns have...