Money managers under the microscope
Even the best hedge fund managers can sometimes get things wrong when markets are so volatile.
In his latest letter to investors star manager Tim Russell, the head of pan-European equities at Cazenove who made 9.4 percent last year in one of the toughest equity markets in living memory, reported a 4% loss in February.
“Net long was wrong, long defensives was painful, long large-cap wrong, short mining and housebuilding wrong and to compound things what we did do (covering long-held property shorts) was not helpful either.”
By Simon Falush
So you thought safe-haven pharmaceuticals and food producers were a safe place to shelter your assets?
Think again, says Crispin Odey, the well-known hedge fund manager who thrives on a contrarian approach to equity investing. He tells Reuters that defensives could be the next target for short sellers.