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Louis Bacon’s Moore Global Investment fund has struggled to produce positive returns in 2018

A top-performing hedge fund has taken the bold step of almost completely dumping its equity holdings, ahead of what it fears will be a “substantial market correction — or worse”.

Managing Partners Group, a UK fund manager that runs a small but strongly performing hedge fund called Vita Nova, said it thinks a setback for stocks is “inevitable”, with the only debate “being whether it will manifest in a bear run, or an outright stock market crash”.

The MSCI World, a leading global equities index, made 5.4% in dollar terms to the end of September. Other famed hedge funds, such as Louis Bacon’s Moore Global Investment fund, have struggled to produce positive returns in 2018, according to industry figures.

Read the full story in the Financial News here.

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