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...