For the last three years one of the hidden stars among Europe’s hedge funds, Jonathan Herbert’s Camox – part of Laurent Saglio’s Zadig stable – has been deliberately low profile, quietly clocking up impressive numbers while keeping assets small at around $35 million.
The fund was up 25% in 2009, 26% in 2010 and – perhaps most notably of all – achieved a positive 4.7% result in 2008. After its first three years, through the most torrid and volatile market conditions imaginable, the fund is annualising at 19% – on annualised volatility of just 9%.
Herbert specialises in small to mid-cap stocks in the Alpine region. “My universe is about 100 companies, with another 100 or so on the radar,” he...