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Dye rides again

Tony Dye

Just when you thought it was safe to go back into the stock markets, the biggest bear on the block is back.

Tony Dye, the former head of Phillips&Drew in London and one of the highest-profile torch bearers of value investing, is establishing a hedge fund that will continue to abide by his belief that global markets are overvalued.

The long/short fund, known as Contra, is due to start up at the end of January and Dye, together with his colleague Ed Knox, is currently raising funds. They hope to start off with £200 million but would settle for £50 million. Knox, like Dye is a keen supporter of value investing, having worked for Foreign&Colonial.

The fund aims to be long and short on European stocks and it will maintain a bias for the UK. As at P&D, Dye will look to buy stocks he sees as cheap within sectors.

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