, Columnist
Hugh Hendry Murders His Hedge Fund
Investors may rue the day the macro strategy died.
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Hugh Hendry is killing off his Eclectica Fund after 15 years. Moreover, he predicts that investors won't be willing to back other hedge-fund managers pursuing similar strategies -- just when they might be most needed.
His specialty was global macro. As he describes it, he could take the "pure oxygen" of a leveraged real rate of return on benchmark bonds, earning enough to keep the lights on and pay for highly speculative bets that weren't correlated with global equity markets.