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SaltWire's Atlantic regional weather forecast for November 3, 2023 | SaltWireLONDON - Well known hedge fund manager Andrew Law's $12.5 billion Caxton Associates has clawed back much of the losses it made earlier this year, benefiting from bets on weakness in bond markets, according to three sources with knowledge of the matter.
Caxton Global Investments , the $8.6 billion flagship fund at Caxton Associates, one of the more secretive hedge funds that use macro economic events to find profitable trades, finished October with a positive monthly performance of 2.3%, two of the sources said.Caxton did not immediately reply to requests for comment made by telephone and email.
The CGI fund did well from a view that the Bank of Japan would ease its ultra-loose monetary policy, said two of the sources. They also said short bets that bond prices would fall, as well as bets the U.S. Treasury yield curve would steepen were some of the top earners for the fund.
The Bank of Japan did, however, tweak its 1% cap on the 10-year bond yield to allow long-term borrowing costs to rise, while lifting its price forecast to project that inflation will exceed its 2% target this year and next. Caxton's CGI fund also profited from the difference between Japanese and U.S. stock prices, the sources said, adding that losses on commodities bets in gold and a yen hedge detracted from performance.
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