Wed, Jun 28, 2017
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. Investing - U.S. hedge fund in anonymous bet against Tesco shares, Hedge funds made repeated attempts to invest in Veneto banks, Steve Cohen's Point72 takes stake in struggling electronics retailer Conn's, Hedge fund Excalibur bets Riksbank will tighten by end of year[more]

      U.S. hedge fund in anonymous bet against Tesco shares From FT.com: A $20bn New York hedge fund is using an offshore shell company to anonymously bet against the shares of the UK supermarket Tesco, raising fresh questions over the efficacy of European short selling disclosure rules.

    2. Investing - In Amazon's shadow, hedge funds take aim at Brexit-hit retailers[more]

      From NYTimes.com: Hedge funds have significantly stepped up bets against Britain's traditional high street retailers, as the sector struggles with online competition, worries about a stretched consumer and weakening sales and profits. The risks were on full display on Tuesday when shares in Debenham

    3. ...And Finally - Nighttime barbecue festival in downtown Memphis![more]

      From Newsoftheweird.com: On May 19, Carl Webb and his wife left a nighttime barbecue festival in downtown Memphis and headed home. They drove 14 miles on an interstate highway before a police officer pulled them over to ask if Webb knew there was a body on his trunk. The man was clinging to the lip

    4. Global macro hedge funds lose on sharp drop in oil prices[more]

      Komfie Manalo, Opalesque Asia: Global macro hedge funds suffered losses due to the sharp fall in oil prices and the drop in U.S. and U.K. Treasury yields, Lyxor Asset Management said in its Weekly Briefing. The Lyxor Global Macro Index fell -1.0% from 13 June to 20 June (-3.4% YTD). The Lyxor

    5. State pension plans see liabilities increase in 2016 - Wilshire[more]

      Bailey McCann, Opalesque New York: The funding ratio of state pension plans dropped four percentage points to 69 percent in fiscal year 2016, according to Wilshire Consulting. A year ago, Wilshire Consulting's annual state funding report uncovered a funding ratio of 73 percent. "U.S. stock pe