ECLECTICA FUND APRIL 2012 PDF

We are neither. Hendry is aware that some in the investment community already think of him as something of a maverick, but is keen to assert his credentials as a fund manager prepared to adapt his strategies to meet the fast-changing opportunity set which global markets present. It is no coincidence that Eclectica is planning to launch a long only agricultural futures fund later this year, and part of the founding team transferred from Odey in , analyst George Lee, currently oversees its Agriculture Equities Fund. Hendry sees his Eclectica Fund, the flagship investment vehicle that he purchased out of Odey and which his firm is named after, as the ideas incubator for other funds, strategies and investment approaches. His aim is to provide a more thorough menu of investment products to clients in both the hedge fund and long only markets.

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This is largely because not much has happened to change our views. We still see the global economy as grtesquely distorted by the presence of fixed exchange rates, the unraveling of which is creating financial anarchy, just at it did in the s and s.

Back then the relevant fixes were around the gold standard. That has happened. However, we also think that it will end in Asia. We do not believe this.

We are more bullish on US growth than most. The momentous nature of recent advances in shale oil and gas extraction and America's acceptance of the unpleasantness of debt and labour price restructuring looks to us as if it is creating yet another historic turning point. This rivals the size of the U. In a downturn, the debtor nation mitigates the economic shortfall by importing less.

The strongest looking economies can sometimes prove the most vulnerable. I mainatin that the central bank will only seek to destroy the value of the currency after the next leg down in the struggle for corporate profitability that we are currently witnessing.

The central bank will require a full blown crisis before it engages in all out financial anarchy. Wait until Chinese growth has unmistakably faltered. Perhaps they just try too hard. Instead, my weapons are irony and paradox. The joy of life is partly in the strange and unexpected. It is the constant exclamation "Who would have thought it? It is not a question of respect, it is just that I prefer not to engage in their perpetual dialogue of determining where the "flow" is.

I cannot be reached by telephone. I suspect that I am one of the few CIOs who does not maitain daily correspondence with investment bankers and their specialist hedge fund sales teams. Not one buddy, not one phone call, not one instant message. I am not seeking that kind of "edge". Eclectica occupies an area outside the accepted belief system.

But volatility killed Jesse. You see, in a balance sheet recession volatility becomes pathological and one needs to be prepared. A game plan is needed for all contingencies. Wat is more it is not necessarily the high volatility that is so daunting but rather the great oscillations from high to low that keep wrong fooring investors.

Observations Lab. Hugh Hendry Letter and Views After two years of silence, Hugh Hendry is back and still at his best with a new investment and shareholder letter. Hugh Hendry.

On China "There is a near consensus that China will supplant America this decade. Volatility and Jesse Livermore's Demise in "Jesse correctly anticipated that the US economy of would experience that very rare occurence, a depression and balance sheet recession.

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Hugh Hendry 2012 Letter and Views

This is largely because not much has happened to change our views. We still see the global economy as grtesquely distorted by the presence of fixed exchange rates, the unraveling of which is creating financial anarchy, just at it did in the s and s. Back then the relevant fixes were around the gold standard. That has happened. However, we also think that it will end in Asia.

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Eclectica Asset Management Shows Global Macro’s Rewards, Pitfalls

Hendry has been rewarded for his about-face. In the Eclectica Fund gained 9. In the first half of this year, it delivered 9. Hendry set up the winning position in August As a result, Eclectica went long the greenback, U. Treasuries and non-U.

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Hugh Hendry Full Eclectica Letter on China’s Impending Collapse

Hugh Hendry born March 16, is the founding partner and, at various times, the chief investment officer, chief executive officer and chief portfolio manager of Eclectica Asset Management. He began to attract attention when his fund achieved a Hendry has been referred to as "the most high-profile Scot" in the hedge fund sector. Hendry once said to an interviewer: "To my mind, the three most important principles when it comes to investing are Albert Camus's principles of ethics: God is dead, life is absurd and there are no rules. Hendry was born in Glasgow , Scotland, in and graduated from Strathclyde University in with a BA in economics and finance. His father worked as a lorry driver and he was the first member of his family to go to university. In , Hendry joined the prestigious Edinburgh investment management firm, Baillie Gifford.

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