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