Hedge funds’ bet that US President Joe Biden’s $1.9tn stimulus package will help drive a resurgence in inflation is starting to pay off, with several big-name managers raking in large gains at the start of 2021.
Managers including Caxton Associates, Odey Asset Management and QMA Wadhwani are chalking up juicy returns as expectations of faster price rises send government bond prices tumbling.
“Hedge funds have been warning for six months that inflation could come in much hotter than expected,” said Andrew Beer, managing member at fund firm Dynamic Beta Investments, whose DBMF strategy rose 4.4 per cent last month, helped by bets against 30-year US Treasuries. “February showed how few investors are prepared for a rapid rise in interest rates.”
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