After two months of stratospheric returns, Mulvaney Capital Management’s winning streak ended in March. The Global Diversified Fund lost 7.96% on the month, but the $114 million fund remains up 44.28% year-to-date.
The fund’s retreat was a result of a weakening U.S. economy and global growth concerns prompting a broad-based correction in commodities, according to Paul Mulvaney, chief investment officer, in a letter to investors.
“The most impacted sectors were agricultural commodities and metals,” he wrote. “We suffered our most significant losses in soybean oil, coffee and cocoa, partially offset by our short positions in livestock.”
Mulvaney added that foreign exchange, interest rate and stock-index trading “continued to make scant contributions to the month’s profit and loss.”
The fund lost 23.14% last year.