TT International Down 3% In April As Longs In Piraeus Bank Suffer

The trail of rough returns in April continues with TT International’s loss in its European long/short strategy. The European equity long/short fund was down 3% in April which pulled down the YTD return to -1.47%, according to a investor update seen by ValueWalk. In the monthly investor letter the fund likened the unwind in European small and mid-cap companies to the fall of biotech and tech sector in U.S. TT International said that the European mid caps have been outperforming large caps since 2009 and a certain shakedown of this upward momentum was seen in April. The letter pointed out…