Hugh Hendry (the one time bear) who turned bullish, had some poor timing (at least, in the very short time frame since the switch). Below is the latest commentary from a letter which Hugh Hendry sent to shareholders of Eclectica Asset Management.
- January witnessed renewed turmoil in emerging market equities and currencies. The Fund profited from positions within our Short Emerging Markets and Short China themes (+0.9%).
- FX positions within these themes generated a positive return of +0.3% as our “good versus bad EM” FX basket posted gains, largely driven by shorts against the Turkish lira and the Russian ruble. Equities provided an additional +1.4%,...
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