Prologue Beats Peers With June Jump

Jul 22 2010 | 12:25pm ET

Global macro hedge fund shop Prologue Capital enjoyed a strong June and first-half, but the London- and Greenwich, Conn.-based firm isn’t celebrating just yet, despite recently cresting US$1 billion in assets.

Prologue’s flagship hedge fund rose 1.19% last month and is up 4% on the year, the firm told investors. But much of the investor letter was devoted to the black clouds Prologue sees on the horizon.

“The deterioration in expectations have been relatively moderate so far,” chief economist Tomas Jelf wrote. “We expect that the change later this year when growth in the U.S. and Eurozone is likely to decelerate.”

Jelf also noted that U.S. unemployment remains dangerously high, saying that it was "simply mind-numbing" that the number of people out of work for more than six months is “a post world war record by almost a factor of two,” The Wall Street Journal reports.

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