Macro is never an easy strategy for investors to time or to pick - and so it is proving again in the current market environment.
Nicolas Galperin and Filippo Nencioni
Despite high levels of uncertainty, volatility and dislocation across virtually all markets and asset classes that should, in theory, be providing exceptional opportunities for macro traders to exploit, the dispersion of returns in recent months from both discretionary and systematic macro funds has been enormous - with some of the biggest names faring least well.
And many of the best performances over the past year or so have seemed to come from some of the smaller discretionary macro players that are able to move more nimbly in such violently whipsawing markets and deploy their strategies with greater flexibility.
One such is Onslow Macro - a $110 million global macro fund founded by former Morgan Stanley emerging markets and credit trader Nicolas...