Managers look east for long book and short developed markets

Europe's portfolios are making money from the large mutual funds, but not all funds of funds view Europe as good hunting grounds for managers

Europe long/short managers are finding their long books peopled with Eastern European stocks, while developed Europe provides a mixed picture of opportunities.

Jochen Wermuth, managing partner at Wermuth Asset Management that acts as investment advisor to the $135m Greater Europe fund, says most of the fund's short positions originate in Western Europe.

The portfolio is currently most active in France and Germany, net long the East - especially non-accession countries Ukraine, Kazakhstan and

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