Hugh Hendry's flagship hedge fund up 2.2 percent in November - source
LONDON (Reuters) - British hedge fund manager Hugh Hendry's flagship $71 million (£47.1 million) Eclectica fund returned 2.2 percent in November and is up 5.4 percent in the year to date, a source familiar with the matter said on Tuesday.
Founded in 2005, the London-based discretionary global macro firm runs $250 million across several funds and aims to make high-conviction bets across a range of markets.
The average Macro hedge fund, which can bet on macroeconomic trends using bonds, stocks, derivaties, currencies and commodities, was down 1.47 percent in the year to the end of October, data from industry tracker Hedge Fund Research showed.
Against that tough performance backdrop, and as many firms face rising costs and pressure to cut fees, fellow fund firm BlueCrest Capital Management said separately on Tuesday it was returning $8 billion to investors and would only run internal money in the future.
(Reporting by Simon Jessop, editing by Sinead Cruise)