Shorting Pound Helped One Hedge Fund Make 10.5% on Brexit

(Bloomberg) As the market reeled from a historic jolt on Friday that sent the pound to a three-decade low and reverberated across global markets, some hedge fund managers were racking up gains.

The GCI Systematic Macro Fund surged 10.5 percent on Friday, thanks in part to a short bet on sterling and a wager that the yen would surge in value, said Kyo Yamamoto, the head of the quantitative research and strategy group at Tokyo-based GCI Asset Management. The PruLev Global Macro Fund in Singapore gained 6.2 percent on June 24, largely because of a surge in bonds in the U.K., the U.S., Australia and South Korea, as the fund positioned itself for a “black-swan” event, the fund’s manager Norman Tang wrote in an e-mail.

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