As a hedge fund style, global macro has fared better than most in the tumultuous market conditions brought about by the financial crisis. And it has certainly been high on the list of hedge fund investors as a favoured strategy area for allocation over the last two years.

 
David North and Ben Gill


On a fund-by-fund basis, though, the results have been diverse - with some managers shooting the lights out and others struggling to break even amid such intense volatility in all major markets and unpredictability at a macro-economic level.

A relatively new entrant - albeit from a large and very well-established stable - is Legal & General Investment Management's LGIM Global Macro Fund, which has succeeded in producing strong and stable returns despite launching in the eye of the storm.

What is more, the fund has also succeeded in attracting healthy inflows from investors in a difficult environment for raising capital for...