March was another month of mixed fortunes for global macro funds, with a roughly equal split between those ending the month in the black and those in the red.
Max Q finished the month up 4.28%, and is up 3.38% for the first quarter. Principal Global Macro made 4.24% on the month but is down 4.92% for Q1. BTG Pactual Global Emerging Markets and Macro made 2.51% in March for a 9.12% gain in Q1, while Omni Macro was up 2.15% last month and is up 0.84% so far this year.
GAM Global Rates made 1.33% last month