Global macro hedge funds have generated positive returns for their investors so far this year despite the market falls, with some making money yesterday as European stock markets fell as much as 7%.

Global macro, which uses derivatives to trade in foreign exchange rates and Treasury bond yields, was the only hedge fund strategy to make money for the month to January 17, according to the daily, investable index published by data provider Hedge Fund Research. The global macro index was up 3.01% to January 17, while the overall hedge fund index was down 2.76% to the same date.