Ivory Notes Market Complacency As Longs In AAL, ACT, OSR, EA Gain

The Ivory Flagship Master Fund earned a return of 3.64% in the first quarter of 2014, according to the quarterly investor newsletter seen by ValueWalk. The hedge fund launched by Curtis Macnguyen in late 1998 discusses the market environment (and euphoria) in its quarterly letter to shareholders. The hedge fund gained from its long positions in companies such as American Airlines Group Inc (OTCMKTS:AAMRQ) (NASDAQ:AAL), Actavis plc (NYSE:ACT), Osram Licht AG (ETR:OSR) (FRA:OSR) and Electronic Arts Inc. (NASDAQ:EA), though its short positions made losses on the whole. According to the letter on April 14, Ivory launched a UCITS fund with Deutsche Bank. Ivory…