Cantab Capital Partners is down more than 30% this year following a bruising month for the world's big trend-following hedge funds. This drop is applying more pressure on its owner, GAM Holdings.

Cantab’s flagship $1bn Quantitative fund, managed by Ewan Kirk, fell by more than 6% in the month to November 2, according to closely watched industry data from HSBC, taking year-to-date losses to 31.4%.