Here, without comment is Hugh Hendry’s Letter to Investors for Q1 The Eclectica Fund – Q1 Review The Fund returned % (net). Hugh Hendry, founder and CIO of Eclectica Asset Management, have made the difficult decision to close the Fund,” Hendry said in the letter. Hugh Hendry (born March ) is the founding partner and, at various times, the chief investment officer, chief executive officer and chief portfolio manager of.

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Hugh Hendry, who closed his London-based global macro hedge fund Eclectica Asset Management last September, believes the hedge fund industry suffers from a chronic shortage of pirates. We’re a long way removed from that.

Hendry received his own schooling in maverick trading during his time with hedge fund icon Crispin Odey. Odey was also no fan of how the industry has evolved, Hendry adds.

There’s no role for a colourful character like me, presently. In one interview, he says, he described himself as a paranoid schizophrenic.

10 things you didn’t know about Hugh Hendry, whose Eclectica hedge fund just closed

He became an unlikely spokesman for the industry, getting into spats on Newsnight with economists Joseph Stiglitz and Jeffrey Sachs over the ethics of short-selling.

He was really not a nice guy and he definitely had an agenda off-camera”.

At the time, he saw politicians making a show of railing against the industry. He became a regular media figure during the crisis, even as his own business was buffeted by waves of volatility. His biggest US investor pulled out just before the financial crisis: After the crisis, Hendry was riding high.


Scottish hedge fund manager Hendry calls time on Eclectica | Reuters

Eclectica had some vintage performance years and Hendry’s bearish positions on the crises in Greece and Iceland reaped dividends. He compares his investment philosophy to the famous quote from iconic footballer Eric Ecldctica I’d never short something that was going up.

The great difficulty for global macro funds since was the brevity of the trends.

In NovemberHendry surprised many by repudiating his bearishness. People did not believe he had truly changed tack. Hendry blames the fclectica tough times on factors including quantitative easing, Donald Trump’s “news bombs” and his own modus operandi: Typically I made money when everyone lost money, and when they made money, I didn’t make money.

He adds, however, that in a post-crisis world where stability was seen as an overwhelming virtue, his skill set was less viable. After closing Eclectica, he did not jump back into finance. As it turns eclwctica, renting his island property was as taxing as running a hedge fund: He has since decided to move to Paris, and says his challenge is to find out what fuund him happy.

Spending money does not appear to be it; he likens his current situation to being a member of the pranksterish pop group The KLF, who famously burned a million pounds.

Every month since I closed the business, I take a big withdrawal from the bank and I burn it! Hendry has made one key decision: He does have some small personal investments, but that is all.


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He would like to publish his Eclectica investment letters as a book. Even if he wanted to funf to hedge funds, he adds, the bridges have been burned: It’s no surprise, under those circumstances, when you say goodbye, no-one says, ‘we’d love to have you.

Asked what he learned from hedge fund life, he says: It’s war, real-life drama, and you mistakenly think you’re going to die because you’re wrapped up in it, which is so preposterous. Hugh Hendry might be enjoying getting his life back but something tells me this pirate will not be on shore leave for much longer. Founder and chief investment officer, Eclectica Asset Management exlectica Partner, Odey Asset Management Fund manager, Odey Asset Management Associate director of international equities, Credit Suisse Asset Management Fund manager, Baillie Gifford.

To contact the author of this story with feedback or news, email Tom Teodorczuk. Not 17th century sailors, but the s hedge fund pioneers. Scroll for more of this story. Editor’s Picks Bitcoin peaked one year ago: Tech will be heart of next financial crisis.