- 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.
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Soros-backed hedge fund Glen Point gains 17.5% despite dropping in October
Soros-backed hedge fund Glen Point gained 17.5% through October and is beating 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.
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.
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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 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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