James Dinan’s York Capital has churned out decent returns during the first quarter of 2013 after posting less than stellar returns in Fenruary.
The flagship York Capital Management and York Investment Ltd. were up 3.5 percent in 1Q2013 with the addition of a 1.5 percent return in March. Both funds fall under York’s Multi Strategy approach which manages $5.4 billion as of March 31.
The credit focused strategy, York Credit Opportunities was up by about 5 percent in last quarter after a 1.6 percent return in March. York Credit Opportunities manages $4.4 billion.
York Capital employs a Event Driven, Merger Arbitrage strategy. The funds’ performance exceeded the quarterly return on benchmark HFRI Event-Driven (Total) Index and is up 3.75 percent and HFRI ED: Merger Arbitrage Index, is up 0.88 percent in Q1.
However, the $1.8 billion European strategy gained only 2.5 percent in Q1. The York European Opportunities Fund was up 0.9 percent in last quarter.
York Asian Opportunities was one of the biggest movers among all of the other York funds in February. The Asian strategy was up in February but is now down in March.
After declining 0.5 percent in last month, the Asian funds still posted a 6.57 percent return for Q1, better than all the rest of York’s funds. The strategy manages $450 million.
Judging by the up and down returns of York’s funds through the first three months of the year, April looks profitable for the York Asian but not as much a boost for the other strategies.
York Capital’s assets under management are slowly edging forward, the assets are now $12.05 billion.