Eclectica's Hendry offloads gilts in Macro fund

Eclectica Asset Management's Hugh Hendry has cut his exposure to gilts as yields have fallen to their lowest ever level in recent weeks.

At the end of September the hedge fund manager had around 47% of the NAV of his Eclectica Absolute Macro fund in long dated gilts, set to expire in 2040 and 2055, according to FE data. However, over the past quarter Hendry has sold down his stake in UK government debt, and by the end of December had removed the positions from the portfolio. The manager has used the proceeds to boost exposure to Australian government bonds, adding over 10% last month, to take total exposure to Australian paper to 45%. The move comes amid a spike in demand for gilts from investors looking for safe ha...