Bramdean Alternatives, the London Stock Exchange-listed fund of funds managed by Nicola Horlick's asset management firm, saw its net asset value per sterling-denominated share rise 1.8% in value in the 12 months to March 31, according to the company's annual statement.

Gains from hedge fund investments offset losses from the fund of funds' investments in private equity funds, said Nicola Horlick, chief executive of London's Bramdean Asset Management, which advises the fund of funds on its investments.