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Alternative Market Briefing

The Big Picture: Global macro hedge funds, then and now

Monday, May 13, 2019

B. G., Opalesque Geneva:

"The rise of hedge funds as actively managed investment vehicles is closely related to the spectacular performance of global macro funds in the nineties when they shone with stellar and consistently positive returns for almost a decade," says senior portfolio manager Franz Odermatt in Crossbow Partners' April newsletter. However, global macro hedge funds have not been performing as well in the last years, and fund managers are looking into a more combined approach to running the strategy.

The likes of George Soros, who broke the Bank of England in 1992, Paul Tudor Jones (Tudor Group), who predicted Black Monday in 1987 and tripled his money, and Louis Bacon (Moore Capital), who earned profits from the market crash in 1987, made a star of the global macro strategy.

Source: Crossbow Partners

Crossbow, a Swiss independent specialist for alternative multi-manager solutions, describes the macro strategy as one that attempts to profit from broad market swings caused by political or economic events. Employing a wide variety of assets and instruments, they make market bets around macroeconomic variables such as expected changes in interest rates, commodities, equity indices or currencies.

In the past, discretionary global macro funds dominated the space, pursuing an opportunistic top......................

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