ORCA Hedge gained +3.03% over the month, with the long equity book the main driver of performance. The long book contributed +3.83%, while the short book weighed on results with -1.34%, as expected in a broadly rising market. The bond strategy developed positively and contributed +0.72%.
The strongest sector contributions came from pharmaceuticals and healthcare (+0.92%), consumer cyclicals (+0.81%) and industrials (+0.71%). Technology recovered from its weak March and contributed positively with +0.27%.
Communication services was the largest negative contributor for the month at -0.27%.
The short book performed weakly on the back of the broad market rally, particularly in sectors participating in the rebound from March's declines. At the same time, several short positions continued to contribute positively at the company level, mitigating part of the headwind from the strong risk-on sentiment.
The strategy's development across March and April illustrates the fund's asymmetric profile, where strong protection in weaker market environments is balanced by more muted upside in sharply rising equity markets.