Many hedge funds that rely on star managers to place bets took a hammering in the past 12 months, but there are signs that 2017 could be a better year.

Crispin Odey’s main fund, which makes bets on European stocks, had lost nearly half of its value by the end of November 2016, according to performance data from HSBC. Meanwhile $21 billion London-based hedge fund Lansdowne Partners saw losses of over 10% in its European Equity fund and over 16% in its Developed Markets fund in the year to December 9.