Thu, Apr 28, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Single country macro economic themes could become more interesting

Tuesday, December 11, 2012

Benedicte Gravrand, Opalesque Geneva:

Mark Farrington is managing partner at Macro Currency Group (MCG), a global specialist currency and macro fund manager managing more than $9bn in AuM through absolute return, beta and hedging strategies. He discussed the opportunities in this unique global cycle and what approach is most likely to lead to positive global macro returns, at Terrapinn’s Hedge Funds World conference in Zurich last month.

By this unique cycle phase, he means the 2012-13 cycle which is characterised by:

  • Sub-trend growth;
  • Policy exhaustion;
  • Excess liquidity: "even though liquidity is much more equally accessible, we have a situation of excess in the capital markets;"
  • Macro-economic uncertainty: "this is primarily the uncertainty of understanding how this phase ends, how we move from having private sector self-originating growth recovery that is not induced by policy intervention…"
  • Low financial market volatility: "characterised normally with high-levels of macro-economic activity and negative growth outcome activity;"
  • And regulatory uncertainty, "one of the more difficult aspects to deal with."
  • The cycle might have started at the end of last year, and began impacting performance in the middle of this year, he noted, and MCG’s framework indica......................

    To view our full article Click here

    Today's Exclusives Today's Other Voices More Exclusives
    Previous Opalesque Exclusives                                  
    More Other Voices
    Previous Other Voices                                               
    Access Alternative Market Briefing


    • Top Forwarded
    • Top Tracked
    • Top Searched
    1. Hedge funds see $14.3bn outflows in Q1, CTAs and multi-strategy lead net inflows[more]

      Komfie Manalo, Opalesque Asia: The hedge fund industry saw net outflows of investor capital in the first quarter of the year, totaling $14.3bn, data from Preqin showed. This continues from the $8.9bn overall net outflows that funds recorded in Q4

    2. Opalesque Exclusive: Ex-Millennium manager to launch global macro hedge fund on 2 May[more]

      Benedicte Gravrand, Opalesque Geneva for New Managers: Markus Thielen left his London job last year to start a global macro hedge fund in Hong Kong, where he first moved in 2004. He is now the chief investment off

    3. Performance - Blackstone profits plunge 77% as performance fees dive, Hedge fund stars' fortunes hostage to market swings, Hedge fund manager goes from billionaire to millionaire in profits plunge, Hedge funds biggest losers in SunEdison's 'magic money machine'[more]

      Blackstone profits plunge 77% as performance fees dive From FT.com: Blackstone, the world’s biggest manager of alternative investments from private equity to real estate, suffered from sharply lower performance fees amid turbulent markets in the first three months of the year, even as it

    4. Third Point calls Q1 "catastrophic" for hedge funds[more]

      Bailey McCann, Opalesque New York: The first quarter of this year was rocky for hedge funds based on aggregate performance from the industry, but now we are beginning to hear what the managers thought of it as quarterly letters make their way to investors. Dan Loeb, CEO of New York-based $17 bill

    5. Asia - Stabilization of China's capital outflows may hinge on Janet Yellen, Fink says China to do well this year as bubble threat postponed, Chinese hedge fund to invest in India’s infrastructure[more]

      Stabilization of China's capital outflows may hinge on Janet Yellen From Bloomberg.com: Whether China’s recent stabilization of its currency and capital outflows continues -- or downside pressure reignites -- may hinge in large part on Janet Yellen. If the Federal Reserve chair sticks to