'You've got to be obtuse': The trade which made Hendry 25% in two months

In an exclusive interview, Hugh Hendry explains his 'out of the box' thinking, analyses a policymaking pivot, and responds to critics who claim he has 'gone over to the dark side'.

Hendry's Eclectica Absolute Macro fund has rebounded into positive territory this year following what the manager described as a "profound pivot point" for the fortunes of global macro investors. The manager (pictured) told Investment Week the annual meeting of global central bankers at Jackson Hole this August may have represented a reversal in policymakers' thinking - and created an opportunity for his funds as the US dollar began to strengthen again. "We were on our maximum risk levels: we had a very full allocation to equities, at over 100% of NAV, long 30-year treasuries and long...