Quant Currency Fund Wins on Pound Plunge by Looking Past Brexit
- Stockholm-based IPM seeks value without betting on direction
- Currency fund ‘made money on Friday,’ IPM’s Houles says
British five, 10 and 20 pound banknotes stand in this arranged photograph in London, U.K., on Tuesday, Feb. 9, 2016. The pound has been falling versus the dollar since the middle of 2015 and accelerated its slide this year, reaching an almost seven-year low of $1.4080 on Jan. 21.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
For one of the year’s most successful currency managers, the U.K.’s vote last week to leave the European Union was one more vindication of its investment strategy.
“We made money on Friday, sure, we were up over 3 percent,” said Serge Houles, head of investment strategy at IPM Informed Portfolio Management AB, a Stockholm-based fund that manages $5.5 billion.