Legends Fund had a strong start to the year, up 2.4%. Gains were carried broadly across the portfolio. We were especially pleased that our Global Macro managers made a strong contribution driven by the pickup in interest rate volatility. They should continue to do well as we see financial conditions tightening.
The month of February has started as a mirror image of January, with steep corrections and a vicious return of volatility inequity markets. We do embrace volatility in markets. While it can hurt some of our managers in the short run, it creates the opportunities for longer term outperformance. And whenever markets are being driven by fear (or greed for that matter) we take comfort in having the world’s most seasoned hedge fund managers as the stewards of the fund’s capital.