Swine Flu Sinks Mulvaney In April

May 18 2009 | 12:06pm ET

Mulvaney Capital Management’s Global Markets Fund dropped another 5.79% in April, bringing its year-to-date losses to 7.65%.

The firm said stock markets’ continued recovery hurt its short exposure and expectations that the global stimulus announced by Group of 20 will reignite world demand exerted downward pressure on the U.S. dollar, especially against “resource” currencies, which had a negative impact on its long dollar position.

“This also lent support to commodities, aiding our long exposure to energy but hurting our short in cotton,” it said. “Cocoa declined despite reports of lower production output from the Ivory Coast. Orange Juice also corrected lower after signs of a recovery in retail demand failed to materialize. Livestock declined on concerns about swine flu.”

The fund managed US$96 million as of the end of April.

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