Fund buyers lose patience with Hendry after steep losses

Fund buyers have been selling down their exposure to Hugh Hendry's Eclectica Absolute Macro fund after his performance downturn accelerated at the start of 2014.

Hendry attracted attention last November, describing himself as “the last bear to capitulate” and announcing a more bullish turn. However, after a 0.8% return last year, his UCITS fund has suffered in 2014. Absolute Macro has fallen some 10.9% year-to date, according to FE data, shedding 5.6% in March alone. That month was characterised by a bounce for some emerging markets at the expense of their developed peers, and some wealth managers have pointed to Hendry’s long DM/short EM bias as a particular point of concern. “[Hendry has] recently materially increased exposure to US share...