Whipsawing markets split macro in two

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Nowhere was the effect of the whipsawing macro and market sentiment in September felt more keenly than in global macro itself, where the universe divided into roughly even-sized groups of those able to profit from the volatile conditions and those being hurt by them.

The dispersion of returns was even higher than normal, with very few funds producing gains or losses of less than 1% and many outliers on both the up and down sides.

Max Q ended the month up 10.80%, while GLG Atlas Macro also had a good showing again with a return of 8.08%. LGIM