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From the Opalesque team: Hurden, Switzerland based arsago multistrategy advisors AG reported its Global Macro fund up 1.01% in September and up 17.72% over the last 12 months. In 2007, the fund returned 9.31%.

The Global Macro strategy has a top-down fundamental approach, trading fixed income, currencies, equities and precious metals, aiming for asymmetric risk/return profile and implied long optionality with rigorous risk management to limit draw-downs. Profit potential stems from continuous or changing long-terms macro economic trends, taking into account the technical market environment and liquidity factors.

The investment manager commented on the recent developments: “The team already had a light book coming into the period and decided to further reduce risk by mid month. It was nevertheless surprised by the dramatic developments. The overall strategic theme going forward will be the global recession and asset price deflation. But with the current panic prevalent among market participants there is no reasonable case to proceed with implementation. In spite of recent government policy action it is simply too early to gauge what the medium to long term effects on markets will be. While we believe that, for example, equity markets may not have seen their bottom, the current levels of volatility and prevalent liquidity concerns make for an unattractive risk return ratio that should turn away any professi......................

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