These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

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The S&P/ASX 200 Index (ASX: XJO) was in fine form in March, delivering a 2.6% gain and ending the period at a record high close of 7,896.9 points.

While this was an impressive gain, it wasn't as strong as some that were recorded on the ASX 200 index.

For example, the best-performing ASX 200 shares last month are named below. Here's how they performed:

Life360 Inc (ASX: 360)

The Life360 share price was the best performer on the ASX 200 in March with a 65% gain. Investors were fighting to get hold of the location technology company's shares following the release of its FY 2023 results. Life360 posted a 52% jump in subscription revenue to US$200 million and smashed its earnings guidance with adjusted EBITDA US$20.6 million. The latter compares to its guidance of US$12 million to US$16 million. In addition, the company announced plans to monetise its 60 million monthly active users with the launch of an advertising business.

West African Resources Ltd (ASX: WAF)

The West African Resources share price was the next best performer with a 38% gain last month. Investors were buying West African Resources and other ASX gold miners after the price of the precious metal surged. This was driven by optimism that inflation is now cooling and interest rates are going to fall. In addition, the company was granted a mining permit for the Toega gold deposit in Burkina Faso. For similar reasons, Ramelius Resources Ltd (ASX: RMS) shares were on fire and rose 31% in March.

Virgin Money UK (ASX: VUK)

The Virgin Money UK share price caught the eye with a monthly gain of 33%. Investors were snapping up the UK-based bank's shares after it received a takeover offer. Nationwide Building Society tabled an offer of 220 British pence per share, which equates to $4.26 per share based on current exchange rates. This values the bank at approximately $5.7 billion. Virgin Money UK has since accepted the offer.

Alumina Ltd (ASX: AWC)

The Alumina share price was on form and raced 29% higher in March. This was also driven by a takeover approach. In the middle of the month, Alumina entered into a scheme implementation deed with Alcoa Corporation. This will see Alcoa acquire 100% of Alumina by way of a scheme of arrangement for 0.02854 Alcoa shares for each Alumina share held. Alcoa shares were trading at US$33.21 on Thursday, valuing the offer at US$0.948 per share (A$1.45 per share).

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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