The feeling of wellbeing among hedge funds has increased as sizeable returns have been reported by most of the hedgers. Bramshott European, a long/short equity hedge fund, returned 2.3 percent in February, building on the +3.1 percent performances in January. Paul Findley manages the fund, the strategy overlooks assets worth $450 million.

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While short sellers have mostly experienced detracting performance in the new year, Bramshott is an exception. The fund was up on both the long and short side of its portfolio and returned on the positive side on a net basis across all sectors.

Shortsellers have had a difficult time with their bets against The Weir Group PLC (LON:WEIR) (PINK:WEIGF), up 19 percent YTD. Bramshott European however has gained from its long position in the company that does business in several sectors including oil and gas, minerals and power generation. The Weir Group was Bramshott’s largest individual contributor, up 18 percent on London’s trading floor in February. Pegasus fund also has a significant long position in The Weir Group, which was one of its best profit makers in last month.

You can see our full list of hedge fund short positions in Europe here. Included in that list is famous hedge funds like, Blue Ridge Capital, Lansdowne Partners and Coatue Management who have a short position in The Weir Group PLC (LON:WEIR) (PINK:WEIGF). The total short interest in Weir Group is now 13 percent of the outstanding shares.

Other longs that were up in February were, EADS NV (EPA:EAD), 3i Group plc (LON:III), Hexagon AB (STO:HEXA-B), GN Store Nord A/S (CPH:GN), Booker Group Plc (LON:BOK) and Standard Chartered PLC (LON:STAN) (LON:STAC). Contrary to Bramshott’s thesis, Hexagon AB was a short position of AQR Capital and BlackRock, but was covered to less than 0.5 percent.

In the short book, Bramshott gained when markets fell on Italy’s surprise election results. The fund was up on its shorts in financials, autos and telecom and increased bets against the energy sector. Bramshott has held short positions in Fresnillo Plc (LON:FRES)  and Scania AB (STO:SCV-B).

The detracting longs of last month were, Philips Electronics, Volkswagen AG (FRA:VOW) (ETR:VOW), Solvay S.A. (EBR:SOLB)  and Ingenico SA (EPA:ING), again a crowded short bet in France held by names like Steve Mandel’s Lone Pine Capital.