Sterling economy enables funds to ride the greenback

Retail may be weak, but the strength of the UK economy and currency have caused funds to play it against the dollar

Fund managers pursuing the UK long/short strategy are finding opportunities for both sides of their books, especially going short in the retail sector in the approach to Christmas.

Richard Moore, manager of Old Mutual's large cap UK long/short fund, says although Christmas turnover may still be higher than for the rest of the year, season on season they could disappoint, leaving short chances.

Old Mutual's fund was up about 1.7% in the two months to 11 December and was running 35% net long at that

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