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.
