Eclectica Asset Management is making a comeback after CEO Hugh Hendry’s smart bet on the dollar.
Hendry’s Eclectica Fund has gained 28% in the last 12 months, reports Bloomberg. That sweeping success helps put Eclectica ahead of 95% of its peers, and helps makes up for losses in 2012 and 2013. The Eclectica fund holds $86 million of the hedge fund’s $300 million, and has had 22.3% returns in 2015 thus far. The average macro fund gained just 2% through the end of May.
Hendry made his dollar bet last August after a meeting of central bank chiefs in Jackson Hole, Wyoming. Writes Bloomberg:
“People like me made the assumption they had effectively sanctioned the dollar to rise,” said Hendry, 46, in an interview in Kensington, London. The currency has gained 15 percent against the euro since the meeting.
Eclectica’s assets fell to less than $500 million from more than $1 billion last year, following the 2012 and 2013 losses. The firm had initially attracted investors after bring in 31% returns in 2008 as the S&P 500 took a 39% dive.
Hendry has recently changed his negative tune about China, focusing more on Chinese equity-futures trade.
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