Sinfonietta wins with right macro calls on Japan and China


Returns from Asian macro funds have been mixed over the first half of 2013, but one of the clear winners has been Sinfonietta, which is up an impressive 43.81% after a 3.95% gain in June.

Managed by Greg McEntyre, the fund trades equity, forex and fixed income markets across Asia (including Japan). While McEntyre does not really use leverage, he trades a lot of options and uses these to express the fund’s trading ideas, with a strong focus on liquidity flows.

He has been bullish Japanese equities and bearish the yen since 2012 and indeed, the bulk of