An early entrant for headline-of-the-year.
From Bloomberg via Yahoo Finance, January 4:
A veteran trader’s well-timed bet on the end of easy money has achieved triple-digit returns in his new hedge fund’s first full year.
After running Eagle’s View Capital Management as a fund of funds for 16 years, New York-based founder Neal Berger decided to add his own fund to the mix. The Contrarian Macro Fund launched initially with partner capital in April 2021 to load up on bets that the Federal Reserve would unwind a decade of stimulus — even as policy makers were describing inflation as “transitory.”
By the time the Fed reversed course, Berger was starting to accept external money.
“The reason why I started the fund was that central bank flows were going to change 180 degrees. That key difference would be a headwind on all asset prices,” said Berger. “One had to believe that the prices we saw were, to use the academic term, wackadoodle.”
The wager proved prescient, delivering the new fund a return of about 163% in 2022, according to an investor document seen by Bloomberg. Berger declined to comment on the fund’s returns. New York-based Eagle’s View manages about $700 million in total, with $200 million in the Contrarian Macro Fund.
He joins a number of macro hedge fund managers, including Said Haider, Crispin Odey and Michael Platt’s BlueCrest Capital Management, who managed to use bets on the economy to multiply their money during the past year of turbulence that spelled lackluster returns at many other funds....
....MUCH MORE
