Cazenove Absolute Target vehicle dives 7% since Feb

Tim Russell's Cazenove UK Absolute Target fund lost more in the last two months than it has made sin...

Tim Russell's Cazenove UK Absolute Target fund lost more in the last two months than it has made since launch in July last year. Between 2 February and 1 April the CAT fund lost -7.12%, with manager Russell blaming his decision to short cyclicals, which detracted 3.5% from asset value. Elsewhere, short mining positions cost the fund 1.5% in March as metal prices rose on the back of the re-emergence of the decoupling trade and investors hedging against inflation. Shorts in DIY retailer Kingfisher and M&S cost a further 0.5% and technology shorts detracted 0.45%. While his long exposu...