A top-performing hedge fund has taken the bold step of almost completely dumping its equity holdings, ahead of what it fears will be a “substantial market correction — or worse”. Managing Partners Group, a UK fund manager that runs a small but strongly-performing hedge fund called Vita Nova, said it thinks a setback for stocks is “inevitable”, with the only debate on the matter “being whether it will manifest in a bear run, or an outright stock market crash”. Vita Nova, with assets of $17m, has made 20.7% in the nine months to the end of September, its most recent available figures.