36 South Capital Advisors, the "black swan" fund manager that became known for securing its investors huge returns during the financial crisis, is not enjoying the upturn in the global economy.

The manager's operating profit dipped to £1.02 million in 2013, down from £1.46 million the previous year, according to filings with Companies House. Richard Haworth, CEO and CIO of 36 South Capital, described the past three years as "the worst couple of years for our strategy".