Henderson Agricultural soars in May

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One of the top Asian hedge fund performers last month was the Henderson Agricultural Fund, which added 4.36% in May, contributing to a stellar year so far – 27.78% year-to-date.

Wheat-related strategies were behind much of the month’s gains, continuing the trend this year, explains Ian Gibson of Attunga Capital, the sub-investment manager of the fund. Agricultural commodity markets are subject to a range of distortions, and a greater number can be found in wheat markets at the moment, hence the managers’ high-conviction plays on this commodity.

The fund has a relative-value trading style and is looking for