Hedge Funds

Global macro hedge funds struggle to regain top form

‘The good times have not come back as fast as we thought,’ one hedge funder tells FN

Off the pace: Macro hedge funds have recovered from a poor 2018 but are still trailing a surging stock market
Off the pace: Macro hedge funds have recovered from a poor 2018 but are still trailing a surging stock market Photo: Getty Images

Global macro, the hedge-fund style that made George Soros and Alan Howard famous, is struggling to recover from a dire 2018 — with one investor lamenting that top funds are “just not there any more”.

Macro managers, who seek to profit from large-scale economic and political shifts by placing bets on interest rates and bond yields, have on average failed to capitalise on the volatile markets and widespread political turmoil of recent years.

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