Stuart Roden and Peter Davies, portfolio managers of the Lansdowne UK fund, have written to investors looking back over the fund's first decade and analysing what they have learnt, while setting out some proposed changes to the fund's structure going forward.

The fund has one of the best long-term track records in the European hedge fund industry. It has not had a down year since its launch and notably gained 0.56% in 2008, when the average hedge fund lost 19%, according to Hedge Fund Research. This has resulted in annualised gains for the UK fund of 15.17% since its inception.