Castlewood Select Opportunity Fund Gains 2.3% in May

Jun 2 2016 | 5:22pm ET

Castlewood’s Select Opportunity Fund posted a net gain of 2.3% last month, bringing the year-to-date return to 8%, according to material seen by FINalternatives.

The fund’s strong performance in May caps a 12-month return of 18.7%, noted Mark Wittenstein, managing partner of the Castlewood Select Funds, in a statement. “Castlewood continues to deliver absolute returns for investors despite the market’s lackluster performance,” said Wittenstein, crediting the macro-oriented fund’s outperformance to Castlewood’s proprietary multi-strategy methodology and a disciplined investment approach to finding value. 

“As the range-bound market continues, both bulls and bears are becoming impatient, our painstaking commitment and patience has afforded us attractive opportunities,” he continued.

 According to Castlewood, market volatility is likely to continue into the traditionally choppy summer months, and Wittenstein remains skeptical of the U.S. equity market’s ability to push to new highs in the near-term. “Until investors gain confidence that corporate earnings will improve in the quarters ahead, markets will struggle and remain subject to shifts in sentiment driven by reoccurring global growth concerns, uncertainty over Fed policy and the outcome of the pending fall elections,” he said.

Headquartered in Princeton, NJ, Castlewood was founded in 2014 by Wittenstein and former Smith Barney executive Joseph Madison.

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