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Money managers under the microscope

Think global

After a year in which buying the assets that had been sold down most in 2008 often proved the best strategy, 2010 looks an altogether different proposition.

RTXRY67The huge gains seen this year — stock markets rebounded more than 50 pct from their March lows, while some credits performed even better — are unlikely to be repeated, managers feel, and so discerning between different winners and losers from the credit crisis will the name of the game.

Going global

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rtr1u4b7Global macro and managed futures (CTAs) are still where it’s at, it seems, when it comes to funds of hedge funds.

Nigel Davies’ poll of portfolio managers shows these are the two strategies they are expecting above average returns from in the first half of 2009.

A pretty pair

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The shrinkage of the UK-listed banking sector is providing an interesting trade for Legal & General Investment Management’s $46 million Global Macro fund.

After some dramatic share price falls, banks now account for only around 10 percent of the FTSE 100. According to LGIM’s head of asset allocation David North, this means any potential damage of further bank problems to the index is likely to be a lot less from here onwards.

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