UK equity specialist firm Majedie has made a strong start with its debut hedge fund. The Majedie Tortoise fund has been running with seed money since August 2007, but opened to outside investors in January this year. The fund is up more than 35% this year to the end of August and has produced an annualised return of over 30% since its launch - including an impressive 12% gain in 2008.
The fund is managed by Matthew Smith and Chris Reid. Smith joined Majedie in 2006 after spending five years as an analyst for