The long and short of M&A

The feeding frenzy of corporate activity that has helped drive the UK stock market forward over the past two years has been a thorn in the side for Cazenove Capital's Tim Russell.

Russell, head of pan-European equities at the group, says: "I've had an atrocious run with potential bid stocks over the two-year life of this fund. I've been short many of the actual bid or putative bid situations."

Within the £350m UK Equity Absolute Return fund, Russell has been caught holding short positions on

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