Hendry tops charts as absolute return is labelled a 'buy'

Hugh Hendry's ‘miserable' outlook for the world economy has driven his CF Eclectica Absolute Macro fund to return 4.76% during the last two months of market upheaval.

The fund is the star performer in the absolute return sector, which has stacked up favourably compared to the rest of the universe. Hendry positioned the portfolio with 63% in fixed income prior to July's sell-off, which has seen European equities fall 25% in the last two months. According to Aberdeen's co-head of multi-manager Graham Duce, Hendry's bearish view on the global economy has been rewarded. Duce holds 4% of the fund in his Diversified Alpha fund. "Hendry's miserable stance on the world economy has been paying off. The fund has returned 13% since May, he has been long Ge...