Macro managers wrong-footed in whipsawing markets


Most macro managers were wrong-footed in June, and while the majority of funds have made money on a six-month basis, the strategy set is showing very wide dispersion of returns again so far this year.

Harmonic Alpha Plus Macro is out in front, with a punchy first-half gain of 19.05% following a 2.54% return in June. Brevan Howard Emerging Markets Strategies is up 9.25% YTD and gained 0.27% last month. Max Q is up 8.69% YTD after adding 3.20% and Omni Macro has gained 4.90% YTD following a 1.61% June return.

BlueBay Macro is up 2.49% YTD,