Sinfonietta wins with right macro calls on Japan and China

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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