Global macro funds struggled to stay above water in May, with most succumbing to the whipsawing market conditions – although losses in the space were generally modest, at least on the discretionary trading side. But a few funds managed not only to avoid losses, but also to post decent monthly returns.
GAM Global Macro Hedge led the pack with an 8.96% gain, and ADG Capital Macro Volatility Convexity returned 6.38%. Other macro funds making gains included Nordea Alpha 15 on 2.31%, SC STIRT with 2.22%, Omni Macro on 2.11%, and Capula Tail Risk on 1.06%. Brevan Howard made