Pegasus Fund Down 11% In April, After 63% Return

Clareville Capital Pegasus Fund manager David Yarrow is unduly apologetic about the performance of the fund during April, a month that inflicted a 10.8% cut on the fund’s performance and steered year-to-date returns deeply into negative territory (-7.2%), according to a letter to investors, a copy of which was reviewed by ValueWalk. The tough month follows a fantastic year, in which the hedge fund returned 63%. Should investors in the fund be worried? Perhaps not, and the chart below, which compares the fund’s performance relative to benchmarks, should help soothe ruffled nerves. A profit cushion to ride over speed-breakers, as well as…