Eclectica Assets Dwindle

Oct 23 2014 | 6:10am ET

Investor redemptions have cost Eclectica Asset Management more than half of its assets this year.

The London firm started 2014 with more than US$1 billion under management. But investors have fled, cutting that to just US$440 million, the Financial Times reports.

Investors have been quitting global macro funds such as Eclectica amidst a miserable first three-quarters to the year for the strategy. But Eclectica hasn’t done nearly as badly as some peers, with its flagship down just 1.3%. A smaller macro strategy has lost 14% this year.

Eclectica has been hurt in recent years by founder Hugh Hendry’s position as the self-proclaimed “last bear standing,” while stocks have soared on the back of central bank bond-buying programs. But he gave up that title late last year, saying one should “just be long, pretty much anything.”

He added, “only a foolish investor would stand in the way of this bull market.”


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