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Lansdowne exits Prudential short after ??meaningful?? losses
 
  Hedgeweb - FRI, APR 26 2013
Funds & Investment Bloomberg reports that Lansdowne Partners Ltd., the biggest European hedge-fund firm focused on stock picking, said it abandoned a more than four-year bearish bet against Prudential Plc (PRU) after suffering ??meaningful? losses.

Lansdowne??s $8.6bn Developed Markets Fund exited the short position in the first quarter after determining that the stock won??t fall ??any time soon,? according to a letter sent to clients this month. Lansdowne has been betting against the U.K.??s biggest insurer by market value since at least January 2009 in a wager that had a value of £259m last month, regulatory disclosures show.

 
 
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