Mulvaney Capital Management continued its slide in April, dropping a further 8.58% to bring its year-to-date return to 31.9%. The firm’s US$105 million Global Markets Fund started off the year gaining over 50% in January and February.

Last month, the fund’s position in Japanese government bonds sustained significant losses as consumer inflation in Japan hit a decade-high and speculation of a rate hike led the biggest sell-off in five years, according to founder Paul Mulvaney.

“The continuing correction in gold and the recovery in livestock prices also had a negative impact on the P&L account,” said Mulvaney. “The losses were partially offset by our gains in Cocoa, which rallied on West African supply concerns.”