Jupiter's Clunie: I am finding abundance of ideas for my short book

Highest net short since taking over fund

James Clunie, manager of the £298m Jupiter Absolute Return fund, has recorded the highest net equity short position in his fund over the past few months since taking over the vehicle in 2013, but said he is unable to find "smart, mispriced insurance on Brexit".

The manager (pictured), who joined Jupiter from SWIP, was 15% net short equities at the end of December, although this has been scaled down to around 5% net short currently. Within equities, he holds just over 50 long positions and around 110 shorts, although he said short positions tend to be smaller due to the higher risk of losses. Clunie said: "It is unusual to be net short for a long/short manager. As a short seller, it is a much more trade-oriented environment, so you have to time the exit a lot faster. Most long/short managers are usually net long, but I just have so many short...