Hugh Hendry founded Eclectica Asset Management in 2005 after working at Odey Asset Management. Hugh Hendry has been a well-known bear for a very long time and managed to return 31.2% in 2008 when most of the hedge funds had negative returns and an average hedge fund lost around 20%. Given the huge bull market since the lows of March 2009 you would expect Hugh Hendry getting crushed. His fund actually lost 8% in 2009 but that had been his worst year since 2008. His Eclectica fund returned 2.7% in 2010 and 12.1% in 2011. You should remember that an average hedge fund lost close to 5% in 2011.
Eclectica Fund lost 1.7% in 2012, and was flat in 2013. It also lost more than 4% through the first 8 months of 2014 which probably triggered huge outflows. Eclectica Asset Management's assets under management dived below $500 million level. Their timing couldn't have been worse. Eclectica Fund returned more than 12% in the following three months and managed to return 7.8% through November 2014.