Macro Hedge Fund That Held On to Russia Bets Suffers Record Loss
- EDL Global Opportunities Fund plunged about 11.2% in February
- Edouard de Langlade says he cut risk and is looking to rebuild
A pedestrian walks in Red Square near the Kremlin in Moscow.
Source: Bloomberg
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Macro hedge fund manager Edouard de Langlade suffered his worst monthly loss after holding on to his Russian equity bets as the country began a full-scale invasion of Ukraine.
His EDL Global Opportunities fund, which was off to its best start to a year since launching in 2015, erased the gains and plunged about 11.2% last month, according to investor letters seen by Bloomberg. In response, the firm had been cutting risk in its trading book, de Langlade said in an interview. While the fund still has some exposure to silver, it’s working on unwinding its small U.S. fixed income bets at better prices, he said.