Reuters – A handful of hedge funds has resisted the global crisis ravaging their rivals, reaping bumper returns in 2008 in a sign some niche players will always beat the market no matter how dire the outlook.
There is no single recipe to explain why CQS’s Asset-Backed Securities rose 72.81 percent or Hugh Hendry’s Eclectica fund 31.2 percent, other than that they doggedly clung to a strategy they thought would bring in the money.
"To many observers, my behaviour became increasingly erratic," Eclectica Asset Management partner Hendry wrote in his latest client letter.
"Rather than embrace risk, like everyone else, I shunned it … I was written off as a gloomy character, one of life’s perennial bears," he said.
