Newly Reformed Bull Hugh Hendry's Eclectica Flattish In October

Despite shedding his bearish outlook, Hugh Hendry’s CF Eclectica Absolute Macro Fund merely rose 0.14% in October. The macro fund is now down 2.5% for the year. According to the brief performance summary given on the monthly letter, the hedge fund made the highest return on long developed market versus short emerging market positions. Currency trades lost the most for Eclectica in October, shorts in emerging market forex detracted which offset gains from short JPY and long AUD positions. Losses in gold shorts Eclectica also incurred small losses in gold and copper shorts. Hugh Hendry has been bearish on gold and gold…