Russia rules in Eastern European long/short

In Western Europe, caution rules the day among hedge funds, while continued low correlation between different Eastern European stock markets allows hedge fund managers to profit by switching between emerging European companies.

Hitesh Bharkhda, alternative investment business manager at Threadneedle, says its European long/short Crescendo fund is 'very cautious' as the managers see 'there is still disappointment to be filtered through the markets.'

Threadneedle's Crescendo fund is currently runnin