Hedge Funds Performance

'Dramatic' turnaround for Tosca after 2008

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Tosca, the London-based hedge fund group headed by Martin Hughes, appears to be mounting what some may see as an unlikely turnaround - although the firm itself has been arguing vigorously for months that a "dramatic" turnaround was not only likely but certain.

After several years of solid gains, the firm's original financial sector-focused flagship fund was one of the industry's highest-profile victims of the credit crunch last year, suffering a loss of about 65%.

Its comeback began with a 6.8% gain last December, and it has now reeled off four more successive months of gains - leaving it