Eclectica broadens mandate on Hendry's Absolute Macro fund

Eclectica has changed the parameters of Hugh Hendry's £24m Absolute Macro fund, allowing him to make more aggressive bets.

The introduction of value at risk (VaR) reporting on the fund means Hendry can make punchier position changes, including significantly increasing his exposure to interest rate or bond futures. Hendry has already taken advantage of the change, adding several positions to reflect his view interest rate expectations are too high. He introduced a 10-year German government bond future into the fund's top ten positions, worth 27% of NAV, and 10% in a Australian three-year government bond future. “March witnessed significant developments in the European interest rate market, with ECB pres...