Lansdowne Exits Prudential Short After ‘Meaningful’ Losses
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Lansdowne Partners Ltd., the biggest European hedge-fund firm focused on stock picking, said it abandoned a more than four-year bearish bet against Prudential Plc after suffering “meaningful” losses.
Lansdowne’s $8.6 billion Developed Markets Fund exited the short position in the first quarter after determining that the stock won’t fall “any time soon,” according to a letter sent to clients this month. Lansdowne has been betting against the U.K.’s biggest insurer by market value since at least January 2009 in a wager that had a value of 259 million pounds ($395 million) last month, regulatory disclosures show.