Jabre Capital Management, a Swiss hedge fund manager set up four years ago by star manager Philippe Jabre, has an investment style that is hard to pin down.

Its own name for it is multi-strategy. It seems like the hedge fund industry's equivalent of rally driving, making frequent changes of direction and gears to get it where it wants to go, and using both brakes - handbrake included. It doubts it has a single rival capable of predicting its next move.