The stellar reputation of contrarian investor Hugh Hendry takes a hit when you look at his 2009 financial statement, out today via Financial News.Hendry was so bearish in 2009 he missed the rally of a lifetime. When most hedge funds were up 32%, his Eclectica Fund lost 8%. Eclectica collected only management fees last year, earning only $2.75 million.
Of course, his fund was one of the best in 2008, when it earned $13.7 million betting on low interest rates.
The erudite Scotsman is also having a better time this year in mixed markets. He was up as much as 15% in August when he cashed in on a potash surge. He was up only 5% in November, perhaps due to bets against China and the Euro that haven’t played out.
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