Things improved—marginally—for Quantitative Investment Management in April, and just barely, as well.
The firm’s flagship Global Program “surged” 0.91% in the last week of last month, bring its April return to 0.06%. Unfortunately for investors in the $4.4 billion fund, it’s still down 5.68% on the year, thanks in no small part to its worst-ever drawdown in March.
“Strong sell-offs in the US equity markets, which also saw a surge in volatility, drove profits,” QIM said in its monthly performance report. “The modest gain of 0.06% for the month ends a stretch of four straight losing months, the longest in the program’s history.”
The struggles certainly extended to the other versions of the QIM flagship. It’s 1x fund rose 0.08% in April (down 5.7% year-to-date) and its three-times levered 3x fund added 0.25% (down 16.52% YTD).
By contrast, QIM’s Quantitative Tactical Aggressive Fund soared 9.33% on the month and is up 14.83% on the year.