The first of three highly anticipated keynote speeches came from Tim Tacchi, the veteran global macro hedge fund manager and founder of TT International, who provided an insight into his firm’s investment process before expressing some gloomy views on the macro outlook.
Tacchi’s experience of running hedge funds in Europe is unparalleled. He set up his own firm back in 1988, initially running hedge fund money for George Soros, and launched the flagship macro TT International Fund in August 1989.
This makes it the indigenous European hedge fund with the longest track record on the EuroHedge database. Since 1994 the fund has had just one down year, in 2008, when it lost a mere 45 basis points – and it has produced a very solid annualised return over almost 22 years of just under 10%.
TT International – which now runs $18.7 billion of assets, of which some...