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The Wrong Type of Macro?

Macro’s failure to perform this year – why the bemoaning?

There has been a great deal of commentary and discussion recently about the struggles experienced by macro funds. As Fig.1 highlights, fund returns over the last five years have been relatively low in an absolute sense, but most notably relative to global equity markets. This reality and perception has intensified over the last twelve months after the sea change in market behaviour seen in mid-2016.

Amongst many, there have been two primary and related attempts to understand and explain this disappointment. The first argument is essentially that ‘macro’ as a strategy is based on economic forecasting, that forecasting is a built on pseudo-science and, as such, we should never expect macro strategies to work consistently. The world is a dynamic and complex place and systematically “getting it right” utilising superior forecasting insights is extraordinarily challenging… even if it is fun trying!

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Informing the Hedge Fund Community. With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.