Hendry hedge fund soars as China slows

HEDGE fund boss Hugh Hendry (pictured below) has bucked the gloom afflicting rivals and recorded stellar gains on his “China short” fund.

The charismatic Glaswegian told City A.M. the fund had returned 52 per cent so far this year. The performance contrasts with a loss of 4.37 per cent for the average global hedge fund, according to data from Hedge Fund Research.

Hendry has profited by shorting China amid the global turmoil, despite being mocked in 2009 when he posted online an amateur video in which he warned of slowing growth in China by highlighting a series of empty office blocks and skyscrapers.

Chinese authorities have admitted economic growth has slowed from its long-term double-digit rate to around nine per cent but some commentators have suggested the rate of slowdown is significantly greater.

Hendry set up his fund after working for Baillie Gifford and Odey Asset Management. He is known for often taking contrary positions.