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Hugh Hendry From Precy Dumlao, Opalesque Asia:
Two hedge funds run by outspoken London hedge fund manager Hugh Hendry enjoyed positive returns in October. Hendry, partner and chief investment officer at Eclectica Asset Management reported that his CF Eclectica Agriculture Fund bounced strongly in October and returned +8.6% for the month outstripping the MSCI World return of +7.1%, while the CF Eclectica Absolute Macro Fund returned 22bps during the same month and brought YTD returns to +7.6%.
CF Eclectica Agriculture Fund
According to the firm, the CF Eclectica Agriculture’s October rally came from the fund’s various holdings, including companies (2.2%), fertiliser (2.1%), protein (1.2%) and machinery (1.4%).
Hendry told investors in his report, "The northern hemisphere harvest is now behind us, and fundamental news flow in grains will be relatively quiet until the Latin American growing season becomes more advanced in the new year. Current expectations are for global grain inventories to remain flat year on year, but this is reliant on a strong southern hemisphere harvest. In the interim, grain prices remain supported by the Chinese willingness to buy on dips. We have taken advantage of the October rally to reduce holdings in fertiliser and machinery companies to a combined 22% of the fund, down from a peak of over 50% earlier in the year. As mentioned in the previous month’s rep...................... To view our full article Click here
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