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5yrs ago Hedge Fund hfm.global Views: 491

The top-performing hedge funds in Europe this year were not insulated from October’s market meltdown, with nine of the latest Top 20 losing ground.

Northlander Commodity Advisors and Greenvale Capital, who occupied the top two spots a month ago, both posted heavy losses. Ulf Ek’s Northlander made big gains in buoyant energy markets in August and September but lost 17.6% as oil’s plunge led prices downwards. His fellow energy trader, Pierre Andurand, fell out of the Top 20 altogether after a record monthly loss by his fund.

Greenvale, a long/short equity fund which won two awards at the EuroHedge Emerging Fund Management Awards last month, lost 7%. It remains up 33.4% for the year after booking strong gains in the summer by correctly calling Ocado’s share surge despite it being targeted by short-sellers.

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Their declines cleared the way for two funds managed by Crispin Odey, a long-term market bear, to take the summit. He has made money this year from long positions on Sky, which is being taken over by Comcast, and SLC Agrícola, a Brazilian agriculture firm. Profitable short positions have included UK retailer Debehams and Intu, a real estate investment trust.

“This is the early stages of a profound bear market in assets,” Odey wrote in his latest investor letter. “Populism in the west has a long way to go. Quantitative easing has undermined savings and now populism will undermine the price mechanism. We are at the start of a 25-year cycle so get used to it. ”

Odey European, his flagship and longest-running fund, is now up 51.1% for the year as it bids to recover from the worst drawdown in its history, a 66% loss between February 2015 and the end of last year. The OEI Mac fund, which combines the flagship with a macro overlay, is performing even better, up 56.9%.

The two Odey funds posted higher gains than the rest of the Top 20, and some of the highest in Europe as a whole last month. Premium Currencies posted its ninth straight monthly gain, rising 2.7% and one place in the rankings to third with a 33.6% gain so far this year.

BlackRock Emerging Frontiers Fund also fared well, a 3.5% rise promoting it to the Top 20. Brevan Howard’s flagship gained 1.2%, extending its rise in 2018 to 11.6% after losses in three of the past four years. Credit funds Serone Key Opportunities and Clareant Structured Credit Opportunity were the other of seven funds to rise more than 1%.

October’s performance problems came two months before nominations are finalised for the main EuroHedge Awards in January. Seven of the Top 20 lost more than 4% in a bruising month, but their returns still rank among the best in the industry, meaning their hopes of success cannot be written off.

EuroHedge Top 20 – October on EuroHedge.


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