Hedge Fund EDL Capital Soars 14% on Bearish Bet Against the US
(Bloomberg) — Macro hedge fund EDL Capital notched its best-ever monthly performance in March, shorting US equities and the dollar and betting that President Donald Trump’s policies will backfire.
Edouard de Langlade’s EDL Global Opportunities Master Fund rose 14% in March, its best month since its 2015 inception, according to a person familiar with the matter. The returns take EDL’s gains to 21.9% in the first quarter, the person said, asking not to be identified as the information is private.
A representative for EDL declined to comment.
“Being bearish on the United States has been a losing proposition for the past 15 years, but we may finally be at a turning point,” de Langlade said in an investor newsletter. “Europe could become the new place to be due to fiscal spending.”
The Switzerland-based hedge fund had taken short positions on US equities, the US dollar and the Canadian dollar, and it’s long on European currencies, de Langlade said in the newsletter for February. The missive assailed Trump’s attacks on allies, contending they’ll hurt the US economy and spur foreign investors to withdraw from the country.
“As the USD and US assets decline, the pace of that withdrawal will only accelerate,” de Langlade wrote.
Some of the world’s biggest hedge funds, including Izzy Englander’s Millennium Management and Ken Griffin’s Citadel, lost money last quarter amid surging volatility driven by Trump’s trade wars.
A former Moore Capital Management money manager, de Langlade has grown his assets to $1.3 billion from $87 million at inception.
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