Caution pays

This year has been a good one for Gems investors. Gems Recovery (up 33.87% year to date to 31 October) recently won the Hedge Funds Review European Hedge Funds award as the Best Performing Specialist Fund of Hedge Funds over three years. Gems Multi-Strategy X2 also won the award for Best Performing Leveraged Product on a Risk-Return Basis with returns on the unlevered version of 21.08%.

At the same time, the firm's $2.6bn flagship, the Low Volatilty fund, sailed quite smoothly through the summer

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