Global macro funds drop as oil prices fall


Few funds were positive in May within the global macro sector. Among underlying managers, returns were widely dispersed. Those short the Euro did well as it fell by 7.4% in value against the dollar, while many trend-followers were hurt by the falling oil price.

Eddington Macro Opportunities Fund stood up to the pressure relatively well, gaining 0.55%, which left year-to-date numbers at 0.6%. The fund's long volatility options manager was up 18% for the month while other underlying managers in the portfolio made gains on the back of the collapse in US government bond yields and the rise in