Hugh Hendry

Hugh Hendry was born on March 16, 1969, in Glasgow, Scotland, and grew up in the city’s Castlemilk district. He pursued his higher education at Strathclyde University, graduating in 1990 with a BA in economics and finance. His career in finance began in 1991 when he joined Baillie Gifford, an investment management firm based in Edinburgh. Following this, he briefly worked at Credit Suisse Asset Management before a pivotal meeting with Crispin Odey led him to join Odey Asset Management in 1999. During his time at Odey Asset Management, Hendry managed various funds, including the Eclectica Fund and over $1 billion in long-only European mandates, such as the award-winning Odey Continental European Fund. It was here he developed his approach to ‘momentum investing’ and honed his skills as a fund manager, as articulated by his mentor, Crispin Odey.

In 2005, Hugh Hendry co-founded Eclectica Asset Management. The firm gained significant attention when his fund achieved a 31.2% positive return in 2008, amidst the global financial crisis, solidifying his reputation as a contrarian investor. His earlier success included a 50% return in his fund’s first calendar year in 2003, driven by the revival in gold prices. Hendry’s investment philosophy, though often perceived as contrarian, was explicitly defined by him in a 2012 interview with the Financial Times as being “harshly disciplined by market trends,” emphasizing adaptation to prevailing market movements rather than strict adherence to homegrown ideas. The hedge fund operated until its closure in late 2017.

Beyond his work as a hedge fund manager, Hendry has been a prominent market commentator, particularly known for his outspoken views during and after the 2008 financial crisis. He has appeared on media platforms such as BBC’s Newsnight and Question Time, where his direct and often provocative commentary on economic situations, including the Greek sovereign debt crisis, garnered significant public attention. He is also recognized as the ‘Plasticine Man’ in Steven Drobny’s book ‘Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money,’ which explores the minds of top hedge fund managers. In his post-hedge fund career, he has transitioned into a role as a podcaster, continuing to share market insights through his ‘Acid Capitalist’ persona and engaging as a thought leader.