(Business Insider) Eclectica Asset Management, the UK-based hedge fund founded by Hugh Hendry, faltered in August.
Eclectica’s flagship fund fell 7.1% over the month, dragged down by its exposure to European equities. That drop left the fund up 2.7% for the first eight months of the year, according to an investor update.The average macro fund fell 1.29% in August and is down about 0.75% for the year, according to Hedge Fund Research.
The Scottish fund manager placed the blame on the market’s reaction to the People’s Bank of China’s unexpected devaluation of the currency.
