More and more hedge funds are releasing their March and first-quarter return sheets, and one we’ve been watching is Gator Financial Partners, which has benefited from the rally in GSE preferred shares. Gator was down a bit in March as Fannie’s and Freddie’s preferred shares pulled back, but March’s decline wasn’t enough to do anything more than put a small ding in the fund’s Q1 returns. In his March return sheet, which was reviewed by ValueWalk, Portfolio Manager Derek Pilecki said Gator was down 2.6% for March.