LONDON (Reuters) - Winton Capital, one of the world’s biggest hedge funds, said its flagship systematic trading strategy was up 3.1 percent early on Friday after Britain voted to leave the European Union, a note to clients seen by Reuters showed.
The Winton Diversified Programme was up as of 830 GMT on Friday, the note, forwarded to clients by Deutsche Bank, showed.
Deutsche Bank confirmed the contents of the note when contacted by Reuters, but Winton declined comment. It was not clear how the fund was performing as the European trading day neared the close.
Winton, set up in 1997 by multi-millionaire and key ‘Remain’ funder and supporter David Harding, credited its “long-standing” short bets on the pound and euro in part for the gain, which profited as both fell on Friday.
The fund also had long positions - bets prices would rise - in traditional safe haven markets including gold and the Japanese Yen, and positions in precious metals, which it said added another 40 basis points to its performance.
Net long equity positions cost Winton 60 basis points, the note added.
Reporting by Maiya Keidan; editing by Simon Jessop