Money managers under the microscope
And while the recent downturn is painful, Crawford says he “wouldn’t want to sell” at these levels.
He believes equities in general are good value and price in most of the disappointing economic news to come, while short ideas are hard to find.
There’s nothing like backing up your stock market calls with a nice healthy profit, and Crispin Odey has done just that, revealing a 27.74 percent return in April from his European fund.
Having last month said the rally in equities could turn into a new bull market and having recently tucked away a few banks into his portfolio (after last year making money shorting banks), Odey has profited from the astonishing recovery over the past two months in Barclays shares, which alone accounted for nearly half the fund’s return last month.
And in his latest letter to investors, Hendry has smartly rebuffed any attempt to ‘save’ him from his bond investments.
But one top hedge fund manager believes that equities could soon be heading for a very sharp rally.
Cazenove’s Neil Pegrum — whose fund made 9.4 percent last year while markets were plummeting — believes UK equities could soon be enjoying a “March 2003″ rally.