Investing
Billionaire Paul Marshall’s Hedge Fund Just Made This Historic Move on Value Stocks
- Fund turns net long value stocks, short growth after a decade
- Marshall says new market leaders to emerge amid rates hikes
Paul Marshall
Photographer: Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal/Getty Images
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Billionaire Paul Marshall is the latest trading titan to bet on value stocks, which are making a historic comeback after years of neglect.
His $24 billion Eureka hedge fund within Marshall Wace has loaded up on bank and financial stocks, while selling shares that were fueled by central banks printing money over the past decade or so. The shift, prompted by potential interest rate hikes, means the fund is now net long value and short on growth stocks for the first time since 2011, according to an investor letter seen by Bloomberg News.