28/07/2010
Macro managers continue to garner interest from investors in light of their diversification benefits, particularly as correlations are getting worryingly high.
On an absolute scale, the strategy isn’t blowing the competition out of the water, but is comfortably topping equities for the year. Conquest Capital was having one of the better years for a global macro manager before July. It still is – up 13.5% YTD, but a 7.14% drop in returns through the first two weeks of July has certainly taken that shine off.
Early July was difficult for the majority of global macro managers, Harmonic is down 2.4% through 9 July; Peak Partners down 1.8% for the same time; and Comac Global was off 2.37% for the same period.
Very few had anything to cheer about. Of the few who could, Episode has the most right to feel good about itself, up 1.4% by 9 July. However, it is still negative for the year.
Increase text sizeIt’s interesting how one deal can often summarise the tenor of the times. Last week’s rubber stamping of the Man-GLG tie-up by the former’s shareholders may have been a formality, but in the wider context of the hedge fund sector, the tenets underpinning the move are far more interesting.
Collateral management is undoubtedly a big deal for the post-Lehman investor, but, as Danny Caplan, Deutsche Bank’s head of global prime finance sales, Europe, put it this week, “not all asset segregation is the same”.
"Firms must be careful not to take their eye off the ball, as enforcement action for reporting failures is increasing in frequency and severity"
As HFMWeek prepares to launch its new fresh look, this week’s Page 4 rolls out our industry confidence survey. Polling readers on their faith in the global economy, investor inflows and the impact of regulation we hope, on a weekly basis, to build a broad picture of the psychology of the hedge fund sector.
Read MoreHave your say on the hedge fund industry by taking part in two new HFMWeek surveys
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