Hedge Funds

Brandywine reverting to futures


After responding to the bull market in equities by remaking itself from an exclusively futures shop into an equity manager in the late 1990s, Brandywine Asset Management is again emphasizing futures.

Brandywine Alliance Fund manager Michael Dever earlier this month wrote to investors to say that he'd decided to double the target size of the fund's futures-trading component, which the Thornton, P.A. firm now sees as an alpha generator rather than a hedge for its equity investments. Dever's letter came after the market neutral fund suffered a nearly 6.0% loss in April, pushing it underwater for the year