Global macro is worst-performing strategy, falling more than 2%


Global macro was the worst-performing strategy on the month, the index falling by 2.04% to take year-to-date figures to -1.39%. Many of the directional traders, particularly in the commodity area, were hurt, while some of the systematic traders were also caught out by free-falling commodity markets.

Olympia Global Macro Fund did relatively well on the month, a 0.15% gain taking three-month numbers to -1.47%. Within the portfolio, DE Shaw Oculus gained 2.8% on the month, while some of Olympia’s discretionary macro managers also did well, Brevan Howard gaining 0.63% on the month, making most of its profits in