Directional, with focused discipline

While Cartesian Capital's UK equity long/short fund celebrated its first birthday in April with healthy 18.4% net returns, its managers Andrew Kelly and David Stevenson are particularly proud of their short book.

The two founded Edinburgh boutique Cartesian in 2005, and Kelly notes that the parent group, UK life company Resolution Plc, brought short book talent into its fold by partnering with Cartesian, one of three independent boutiques it is linked to, along with Hexam Capital Partners and

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