Monday, 29 August 2016
Last updated 2 days ago
Feb 7 2012 | 12:35pm ET
Some of the biggest names in the European hedge fund industry cashed in last month on some long-awaited good news about the European debt crisis.
The easing of the stalemate, which has weighed on the continent's banks, helped those banks' shares rally an average of 10% last month. And that, in turn, fueled a rally for the continent's hedge funds.
And none more so than Odey Asset Management. The firm's European fund has soared 14% this, Reuters reports, with much of the gain coming in the last few days.
"Our stock selection has been good," CEO David Stewart told Reuters.
"The deeper value stuff we've always liked… is doing well," he said. "We think stocks are cheaper than other assets."
Other name-brands also enjoyed their January. CQS' Directional Opportunities fund added 9% through Jan. 27, the Man Group's GLG European fund 4.7% and CapeView Capital's European credit fund 3% to Jan. 27.
On the other hand, at least one of last year's top performers missed out in January. Marshall Wace Asset Management's Global Opportunities Fund lost 4.19% on the month, hit by its defensive positions.