The LF Book Absolute Return Fund, overseen by Brook Asset Management under the Odey umbrella, returned -5.6% for the third quarter, bringing its year-to-date return to -9%. In what turned out to be a wild quarter for the financial markets, the MSCI TR Net World Index was up 2% in sterling and down 6.19% in U.S. dollars.
A Wild Environment With A Frustrating Performance
In their third-quarter letter to investors, which was obtained by ValueWalk, James Hanbury and Jamie Grimston noted that the third quarter brought a significant increase in interest rate expectations while 30-year fixed-rate mortgage rates reached levels not seen in two decades. Additionally, the Bank of Japan intervened in the currency markets, while the Bank of England intervened in...
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