Reformed Bull Hugh Hendry Down 4% In January On Long Japan Trade

Hugh Hendry (the one time bear) who turned bullish, had some poor timing  (at least, in the very short time frame since the switch). Below is the latest commentary from a letter which Hugh Hendry sent to shareholders of Eclectica Asset Management. January witnessed renewed turmoil in emerging market equities and currencies. The Fund profited from positions within our Short Emerging Markets and Short China themes (+0.9%). FX positions within these themes generated a positive return of +0.3% as our “good versus bad EM” FX basket posted gains, largely driven by shorts against the Turkish lira and the Russian ruble. Equities…