Hendry’s CF Eclectica Absolute Macro fund returned 4.76 per cent in August and September at a time when the hedge fund industry was struggling to make any gains.
Eclectica has gained 13 per cent since May after Hendry took a downbeat view of European economic prospects.
Yesterday Hendry was flying to New York but told City A.M. that Eclectica now has $700m (£446.8m) under management.
Hendry, a charismatic Glaswegian who is known for his appearances on programmes such as Question Time, set up his fund after leaving his job as a trader at Odey Asset Management. He often takes contrary positions and has been betting against China.
His success comes against a grim period for the hedge fund industry, which is struggling to emerge from its worst period since the height of the financial crisis. The average fund fell by 2.8 per cent in September and 5.5 per cent over the quarter, according to Hedge Fund Research.
It also emerged at the weekend that the Advantage Plus fund, run by John Paulson tumbled 19.35 per cent last month.
As well as Eclectica, a handful of other funds have bucked the trend. GLG, part of Man Group, saw its $2bn Atlas Macro fund gain an estimated six per cent in September. Last week City A.M. revealed that Winton Capital, run in London by David Harding, is up around 6.3 per cent so far this year.