TT International Gets Hit In March Despite Gains In Piraeus, Unicredit

After a difficult month for its European Long Short fund, TT International explained that behind the big headlines of the month, there was a more important trend of investors moving away from momentum in March that punished a lot of hedge funds. It’s responding to these trends by reducing its gross exposure, but is still confident that last month’s losses don’t discredit its overall strategy, according to a letter to investors reviewed by ValueWalk.

TT International: Rotation out of momentum a sign of ‘tired’ themes

The MSCI Europe Barra Momentum Index indicates that over much of the month, there has been a significant rotation out of those stocks with better momentum,” says the hedge fund's March 2014 investor letter. “One...