Soros-backed hedge fund Glen Point gains 17.5% despite dropping in October
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- Soros-backed hedge fund Glen Point gained 17.5% through October.
- That's after the fund lost 4.2% last month, it's biggest monthly drop this year.
- The fund is still beating its peers by a wide margin.
LONDON - Glen Point Capital, a London hedge fund backed by billionaire investor and philanthropist George Soros, has gained 17.5% this year through October, according to a client update seen by Business Insider.While the macro fund is beating its peers by a wide margin - HFR's macro fund index gained 2.4% over the same period - the firm had a bad month.Advertisement
Glen Point lost 4.2% in October, its biggest monthly loss this year, according to the client note. Glen Point runs a global macro strategy with an emerging markets focus, and counts Soros as one of its investors.
In its client note, Glen Point said: "Losses for the month can broadly be attributed to a move lower in EMFX high yielders and wider in local rates, with an acceleration of the trend sparked by South Africa's worse than expected 25 October Medium-Term Budget Policy Statement."The firm was founded by Neil Phillips and Jonathan Fayman, who previously managed the BlueBay Macro Fund at BlueBay Asset Management from 2009 to 2014. The firm managed $2.3 billion as of earlier this year, according to Bloomberg.
The fund lost 4.1% last year, according to the update.A spokesman for the fund declined to immediately comment.
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