The BlackRock Strategic Equity Hedge Fund, which is managed by star manager Alister Hibbert, was back in positive territory last year with a double-digit gain, having suffered its worst ever annual loss in the previous year, according to a report by Bloomberg.
The report cites an unnamed source as confirming that the fund, which had $9.6bn in assets at the end of November, scored a 16% return in 2023, its best performance for three years having lost 12% in 2022.
According to a letter to investors, last year’s returns were boosted by the fund turning net long in equities during the final quarter of the year, from an overall short stance, with bets earlier in the year on semiconductors and other cyclical stocks also aiding performance.
London-based Hibbert, who earned a nine-figure sum in 2020, spreads bets across dozens of long and short stock positions, and has generated annualised returns of around 14% since starting the fund with just $13m in 2011.
