19th April 2012
Standard Life Investments: GARS monthly update
| March 2012 | 3 mths | YTD | 1 year | Annualised since launch | |
| GARS (Gross)** | 0.60% | 5.46% | 5.46% | 8.89% | 9.10% |
| GARS Retail Acc* | 0.49% | 5.13% | 5.13% | 7.50% | 7.45% |
| GARS Inst Acc* | 0.54% | 5.29% | 5.29% | 8.17% | 8.69% |
| 6 month LIBOR | 0.11% | 0.35% | 0.35% | 1.26% | 3.22% |
Highlights
In March 2012 the Global Absolute Return Strategies Fund delivered a gross return of 0.60% overall, bringing Q1 performance to 5.46%
Positive contributors:
US Technology v Small Cap Equity
Broad v Financial Sector Equity
Long US Dollar v Yenn, Canadian Dollar and Euro
Negative contributors:
Long Brazilian Real v Czech Koruna
Russian Equity
Financial Sector v Broad Credit
Activity
Over the month some strategies have been altered reflecting our changing views and in recognition of where markets currently sit.
Strategies Added:
No new strategies were added this month.
Strategies Closed:
We closed the Australian short-term interest rate position, as we did not expect significant further return potential from this strategy.
Strategies Altered:
Early in the month we sold options on US Interest rate swaps ( known as swaptions) to remove the duration exposure within the Global Index-linked Bond strategy.
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