Surge in metals drives strong Q1 performance from Mulvaney fund
Mulvaney Capital Management's Global Markets Fund is up 22.2 per cent for Q1 2006, consolidating its 2005 performance, when it returned over 32 per cent.
The latest results for the fund bring the compound annual average rate of return over 76 months of trading to 21.02 per cent. The fund is based on the systematic long-term Mulvaney Capital Global Diversified Program, run by London-based trading advisor Mulvaney Capital Management Ltd.
MCM founder and Chief Investment Officer Paul Mulvaney said: 'Evidence of investors increasingly looking to precious and industrial metals to enhance portfolios is supporting a price surge, making metals the Mulvaney Capital Global Diversified Program's best performing sector in March.'
In addition to benefiting from being both a precious and industrial metal, silver has been helped to record highs by news of the development of the first exchange-traded fund tracking silver's price. Strong demand from countries such as China, falling inventories, and a strike at a large Mexican producer supported copper's rise. The gold surge has been supported by investors buying bullion in the wake of speculation that the dollar may weaken.
'Livestock was our second best performing sector,' said Mulvaney. 'Short positions benefited from the US Department of Agriculture forecasting ample summer supplies of slaughter-ready cattle and from news surfacing that hog supplies are expected to increase.'
In Q1 the Global Markets Fund added a euro-denominated share class making it more readily accessible to European investors. The new class of shares was listed on the Irish Stock Exchange, alongside the existing US dollar-denominated class, on February 1. As at March 31 the euro class of shares NAV is EUR 109.51, and total assets under management in the fund and managed accounts based on the Mulvaney Capital Global Diversified Program stand at USD 134.9 million.
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