Traxis off to a flyer


The new Traxis fund, which has a strong equity bias, is up close to 10% since its June launch as Barton Biggs, Madhav Dhar and Cyril Moulle-Berteaux quickly found their form. Traxis made much of its money being long equities, in particular Japanese bank stocks and Hong Kong property stocks, and being short Japanese bond futures.

At the same time, Soros Fund Management's Quantum Endowment Fund had one of its best months for a long time, with a gain of over 3.3% for August, leaving year-to-date returns at 6.1%. The 3.3% monthly rise looked especially good relative to large-cap