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Hedge funds are cashing in some of their potato chips after having a bumper first quarter, wary that a sudden change in market sentiment could see them take the sort of deficits suffered in last seasons volatile markets.

Hedge funds returned 5 percent within the first two several weeks of the year, the best start to a calendar year since 2000 based on Hedge Fund Research, as the Western Central Bank's 1 billion euro ($1.3 trillion) ca s they would injection increased assets overall.

Some celebrity names documented huge increases. Crispin Odey's Odey European fund gained 21.1 percent as well as Johnny p la Hey's Tosca account rose 13.7 % to mid-March, whilst Michael Hintze's $1.4 billion CQS Online Opportunities fund was up 13.9 percent to end-February.

Many hedge fund managers remain positive on markets,

but in numerous cases possess opted to trim their bets, relying on sharp volatility last year during the euro zone debt turmoil that noticed the average account lose Five.3 percent plus some more bullish funds consider much bigger losses. "Over the last week or so we've actually seen (risk) come off a bit," stated Paul Harvey, Western head associated with sales within prime financial at Citi. ?We all want this particular rally to carry on but we are all relatively cautious about the broader macroeconomic environment and the political environment, and uncertainty certainly prevails." Numerous managers came into this year along with low levels associated with risk, passing up on the start of the actual rally after underestimating the actual impact on marketplaces of the ECB's so-called Long-term Refinancing Operations, designed to steer clear of another credit crunch.

As marketplaces continued to rebound throughout the first 1 / 4, however, numerous funds hiked their bets, in particular favouring the goods and financials sectors, based on one account of funds manager.