To the extent that the portfolio was covered by hedging, it will...

To the extent that the portfolio was covered by hedging, it will have significantly outperformed in recent days. Keep this in perspective 1) the market (thus far) is only back to Sep/Oct levels last year and 2) the cost of protection will have soared given volatility. In the long run I still view this as a flawed strategy with the cost of hedging potentially offsetting outperformance by the manager. Sentiment remains hold pending updated NTA.