Global macro currency was one of the best performing categories in a difficult month, thanks in part to some strong trends in the fixed-income sector.
It was a particularly good month for Tredia Performance which was up 6.46%, leaving three-month figures at -1.86%. The portfolio contains some macro managers but mainly comprises systematic long-term trend followers, accessed via managed accounts. July saw the commodity trading advisors within the portfolio doing particularly well: underlying managers were long bonds, including US Treasuries and some European bonds, avoiding the problem areas of Italy and Spain. Positioning on equity markets was mixed,