Managers look east for long book and short developed markets

EUROPe long/short

Europe long/short managers are finding their long books peopled with Eastern European stocks, while developed Europe provides a mixed picture of opportunities.

Jochen Wermuth, managing partner at Wermuth Asset Management that acts as investment advisor to the $135m Greater Europe fund, says most of the fund's short positions originate in Western Europe.

The portfolio is currently most active in France and Germany, net long the East - especially non-accession countries Ukraine, Kazakhstan and R