Hedge Funds

Onslow profits from a nimble approach to macro volatility


Running a portfolio of option-like trades with an asymmetric risk profile has been key to the success of Nicolas Galperin and his experienced trading team

Macro is never an easy strategy for investors to time or to pick - and so it is proving again in the current market environment.

Nicolas Galperin and Filippo Nencioni

Despite high levels of uncertainty, volatility and dislocation across virtually all markets and asset classes that should, in theory, be providing exceptional opportunities for macro traders to exploit, the dispersion of returns in recent months from both discretionary and systematic macro funds has been enormous - with some of the biggest names faring least well.

And many of the best performances over