“Gross long/short equity exposure remained modest through July at 20% and returned 54 bps. With long exposure predominantly in high yielding areas of tobacco and consumer staples , and short exposure concentrated in Japanese financial and industrial businesses, the Fund benefited from the relative performance of these sectors over the month. Both long and short equities positively contributed, the longs making 18 bps and shorts adding 35 bps of performance over the month. To generalise somewhat, we remain long smokes, booze and sugary/salty snacks and short financials.”
Hugh Hendry’s Eclectica Fund is up 132.6% net of fees since its inception in September 2002. Eclectica has $253 Million in AUM as of July 2011.