Former TCI partner Edgar Allen’s flagship High Ground Investment Management fund, which invests in global equities, rose 2.5% in October, bringing its year-to-date returns to 30%, according to a report by Financial News London citing unnamed people familiar with the matter.
High Ground, which now manages $1.8bn in assets, rose 1% in September.
Before launching the equity long-short hedge fund in 2019, Allen worked as a partner at London-based investment management firm Naya for more than three years.
Allen’s career also includes a six-year stint at Chris Hohn’s hedge fund TCI Fund Management from 2009 to 2015.
High Ground’s 30% returns this year place the firm ahead of the industry average. Data from HFR shows that equity hedge funds advanced 13% on average this year through September.
Stock indices around the world rallied in October. The S&P 500 gained almost 2% to hit an all-time high, while the Nasdaq returned more than 4%. The Dow Jones Industrial Average gained more than 1.5% and the FTSE 100 rose almost 2%.
Overall, hedge funds have lagged behind major indices this year. On average, hedge funds gained 9.5% in 2025 through September, according to HFR, compared with the S&P 500’s 15% gains during the same period and the Nasdaq’s 20% jump.
Equity hedge funds performed the best this year with over 13% average returns through September. Macro hedge funds, on the other hand, struggled amid geopolitical uncertainty, posting 3% returns on average, according to HFR.
Singapore-based Dymon Asia’s multi-strategy hedge fund returned 1.6% in October, extending its year-to-date gains to 14.8%, according to people familiar with the matter.
