Hedge fund H2O suffers $160m loss after Brexit shock

UK-based firm’s four macro funds hit by equity index and sovereign debt losses

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A global macro hedge fund in London suffered huge losses on equity indexes and sovereign bond positions following the UK's vote to exit the European Union on June 23.

H2O Asset Management saw single-day losses of up to 14.8% in its range of four macro funds, which are marketed as Ucits in the UK. The aggregate drop in assets across the four amounts to roughly $165 million.

Bruno Crastes, the firm's chief executive, says three of the four funds have since recovered most or all of the losses

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