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Alternative Market Briefing

Global macro fund builds on positive 2021 performance with solid first quarter

Tuesday, May 31, 2022

Bailey McCann, Opalesque New York for New Managers:

2022 has been a solid year for global macro funds. The category returned 10.3% in the first four months of the year, compared to the average hedge fund which returned 1.9%, according to data from Hedge Fund Research. Macro funds have seen a steady rebound as a rise in inflation, rates, and commodity prices have boosted funds that were on the right side of those trades. HFR data shows that over the first quarter, the rebound in performance had attracted $3 billion from new investors.

One fund poised to take advantage of this renewed interest is the Global Diversified Macro Fund from Banco de Investimento. Banco de Investimento (BiG) is a multi-asset brokerage and investment firm that operates in Portugal and Spain.

The fund is led by Andrew Veloso and Ricardo Seabra and launched in October of 2012. Both Veloso and Seabra have been at BiG for a number of years working on other trading desks within the firm before coming together to lead the Global Diversified Macro Fund.

The strategy blends tactical and systematic components to capture alpha in both trending and not trending liquid macro markets. These markets include metals, interest rates, equity indices, energy, currencies, and agriculture. Positions are asset class and directionally agnostic, with a focus on G20 markets. The strategy also seeks to keep annualized volatility und......................

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