Eclectica Asset Management remains cautiously constructive: Our cheat sheet. Equities represent just over half of our risk allocation. We have identified a series of hand-picked stock baskets both in Europe and Japan that we believe represent profitable trades capable of capturing the upside from the prevailing macro landscape; we have written previously on the merits of such trades. We tactically hedge against these more constructive positions given the recent reset to higher equity volatility and their periodic outperformance of the wider market. And despite the very weak start to the year for stocks our risk management and the robustness of our positions has moderated drawdowns and allowed us to selectively add risk. Prentice Capital Management was up 6.
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Hugh Hendry's Eclectica hedge fund is no more. The outspoken Glaswegian has shuttered the 15 year-old fund after it slumped 9. For the moment, Hendry the hedge fund manager is out of action. In a letter to investors he said he'll sit out of trading until the next downturn, but said he's optimistic about the global economy. All will now be out of jobs, along with Hendry himself.
Here's what you didn't know about the UK's most colourful ex-hedge fund manager. According to this article in the Independent, Hendry was the first in his family and one of the only people at his school to go to university.
He grew up close to the Gorbals, a notorious housing estate in Glasgow. Hendry studied Accounting and Economics at Strathclyde. He had intended to go into accounting because, "your ticket to the middle classes was law or accountancy. However, in the fourth year of his four year course he realised that he had absolutely no desire to become an accountant and returned the sponsorship money he'd received from the accounting firm.
The partner warned him that he would regret it as long as he lived. In , Hendry claims to have been the first non-Oxbridge graduate to get a job at Edinburgh-based fund manager Baillie Gifford known for its graduate training programme. He stayed there for eight years and managed funds in the US and British teams. According to the Independent , he was 'labelled a troublemaker.
He didn't like it there, and again according to the Independent , 'spoke up' and was fired within a month. In an interview five years ago , Hendry says he was pretty unemployable in London after leaving Credit Suisse: "I was not a master of any one discipline. I spent a year doing this, a year doing this, whatever, and so I was a generalist.
Luckily, however, he met hedge fund manage r Crispen Odey. Odey invited Hendry to dinner and reportedly told him: "I think you are like us. After this 'fortuitous encounter,' Hendry moved to Odey Asset Management in , aged Despite being highly opinionated and extremely prone to expressing his opinions, Hendry seems to have feigned placidity when he was first at Odey. When he first joined, he told The Hedge Fund Journal that he spent 12 months 'paying his dues', 'keeping quiet' and 'soaking up what was going on.
It's bad luck to communicate with genius," he told Investor's Chronicle. Despite this, Mr. Hendry says their relationship moved into a 'second phase' characterised by the realisation that Odey wasn't infallible and characterised by the notion that, "That is an interesting view you're giving me, here's what I think. Can I tell you about the real world?
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Lately, the former manager of the Eclectica Fund, a London-based global macro outfit he ran for 15 years until shuttering it last year, spends his days unsubscribing from finance-related emails and paddle boarding near his estate in St. Barts, where he has been spending much of his time. His Bloomberg terminal, once a fixture of his daily life, has been packed up and hauled away. But Hendry, 49, has never minced words. Over his career at Eclectica Asset Management, Odey Asset Management, and Scottish firm Baillie Gifford, the pugnacious Scotsman gained a reputation as a provocateur, figuratively flipping his middle finger at investment conventions, class structures, and whatever else irked him. Barts on a recent February afternoon. And they did.
Scottish hedge fund manager Hendry calls time on Eclectica
Hugh Hendry's Eclectica hedge fund is no more. The outspoken Glaswegian has shuttered the 15 year-old fund after it slumped 9. For the moment, Hendry the hedge fund manager is out of action. In a letter to investors he said he'll sit out of trading until the next downturn, but said he's optimistic about the global economy.
Hugh Hendry’s Life After Hedge Funds
Hugh Hendry born March 16, is the founding partner and, at various times, the chief investment officer, chief executive officer and chief portfolio manager of Eclectica Asset Management. He began to attract attention when his fund achieved a Hendry has been referred to as "the most high-profile Scot" in the hedge fund sector. Hendry once said to an interviewer: "To my mind, the three most important principles when it comes to investing are Albert Camus's principles of ethics: God is dead, life is absurd and there are no rules. Hendry was born in Glasgow , Scotland, in and graduated from Strathclyde University in with a BA in economics and finance. His father worked as a lorry driver and he was the first member of his family to go to university. In , Hendry joined the prestigious Edinburgh investment management firm, Baillie Gifford.