BIG name managers such as Crispin Odey and Michael Hintze have bucked the autumn gloom in hedge funds by making gains amid hopes Eurozone leaders are finally tackling the debt crisis.
Odey Asset Management, one of Europe’s biggest hedge fund firms, saw its European fund, run by founder Crispin Odey, gain 9.1 per cent in October, according to Thomson Reuters Lipper data.
The gains mean the fund, which has performed strongly in recent years but which has suffered this year as Odey’s bullish stance on stocks has been hit by falling markets, is now down around 15 per cent this year.
Meanwhile, CQS Directional Opportunities, a roughly $1.3bn (£812m) multi-strategy fund run by CQS’s Australian founder Michael Hintze, soared 13.8 per cent during the month.
One of the top performers was Horseman Capital’s Global fund, which rose 18.5 per cent in October, taking year-to-date gains to 6.89 per cent, thanks to bets on the luxury brands, luxury retailers, luxury autos and Chinese bank sectors. The once high-profile fund has shrunk in size from $2.8bn to $143m after manager John Horseman stepped down in 2009.