NYT: Hedge funds start to stage recoveries - Spear's Magazine

NYT: Hedge funds start to stage recoveries

LONDON In mid-March, with the global stock markets plunging, Philippe Jabre, a hedge fund manager based in Geneva, started buying bombed out financial stocks in the United States, Europe and Asia.

LONDON — In mid-March, with the global stock markets plunging, Philippe Jabre, a hedge fund manager based in Geneva, started buying bombed out financial stocks in the United States, Europe and Asia.

A procession of sleepless nights followed as he wondered whether his bets would pan out, or send his nascent $2.5 billion fund outfit reeling.

Now, with his main fund up 30 percent this year, rest comes a little more easily.

“For a while there, it felt as if I was the only person in Europe buying Wells Fargo,” Mr. Jabre said, as he recalled switching his main fund from a cautious 80 percent weight in bonds to his current portfolio, which was 80 percent invested in stocks.

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