The long and short of M&A
Cazenove's Tim Russell has been on the wrong end of bidding activity and has missed the resources boom in his UK hedge fund, each theme beguiling many of his peers. Even so, the manager has met his target of achieving 10% returns in his UK Equity Absolute Return fund.
The feeding frenzy of corporate activity that has helped drive the UK stock market forward over the past two years has been a thorn in the side for Cazenove Capital's Tim Russell.
Russell, head of pan-European equities at the group, says: "I've had an atrocious run with potential bid stocks over the two-year life of this fund. I've been short many of the actual bid or putative bid situations."
Within the £350m UK Equity Absolute Return fund, Russell has been caught holding short positions on
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