August was one of the worst months for some time, reflected in the global multi-strategy median that was down 2.15%, leaving year-to-date numbers at a dismal -1.76%.
It was a very good month for Balestra Spectrum, which saw a 4.22% gain, taking year-to-date numbers to 2.14%. During August, the portfolio reaped the benefits of its defensive positioning in hedge funds and in directly held positions. Nine of the 13 under¬lying managers were profitable during the month, including all macro and long/short equity managers.
Within the macro allocation, the most profitable themes were interest-rate receivers, which benefited as interest-rate