The first quarter saw a relatively good period for global macro funds able to exploit a number of sustained trends. In March, these included big intra-day moves in the dollar, rallying Treasuries, weakening gold prices and double-digit drops, on a percentage basis, for both crude and natural gas.
Unsurprisingly, a number of global macro funds saw solid performance in April, building on a winning first quarter. Tudor BVI Global Fund gained almost 3%. But April was even better. The macro fund was up another 2.6%, according to estimates, bringing the strategy to around 5.5% for the year-to-date.