Sharp swings in sentiment cause broad dispersion again in macro


Sharp swings in sentiment led to wide dispersion in returns from macro managers in January as 2011 started much as 2010 had ended.

The well-performing Harmonic Alpha Plus Macro fund was up by over 4.5% – and is now up over 25% on a rolling 12-month basis – while LGIM Global Macro gained 3.99% for a three-month return of over 7%.

There were decent positive numbers from a number of other macro players – including CDAM Global Opportunities, GLC Global Macro, Max Q, GAM Global Macro and GAM Global Rates – while EuroHedge award-winner BTG Pactual Global Emerging