Hedge Funds

Camargue hits its stride in testing first year's trading


Former GLG manager Benn Spiers could hardly have picked a worse moment to launch his own Camargue long/short European equity operation, starting the fund on 1 July last year just as the financial firestorm was beginning to explode.

Yet he has come through the baptism of fire with flair, with the fund up by around 5% in the 13 months since launch and gaining 17% to the start of September. He believes the experience has provided the best possible test of his portfolio-management and risk-management approaches.

"We launched at the worst time for the market in living memory," says Spiers.