This £115m fund is run by Stephen Moore and is a member of the Investment Adviser Hidden Gem Club 2016. He says: “The fund aims to deliver a positive return irrespective of market conditions over a rolling three-year period. It has a cash benchmark (Libor 3 months) and a long/short structure, typically holding 60-95 long and 50-95 short positions. We use these short positions both to hedge away market risk and to generate alpha.”