Quantum weathers tough summer markets


After a positive start in 2003, global macro funds seem to have been caught in a strong market crosswind that swept away much of their earlier gains. That was certainly true in July, a month in which the Nasdaq gained 6.9% and the Dow rose 2.8%, while the bond market saw some rapid-fire sell-offs that caused further market turbulence.

The good news for Soros was that the giant Quantum fund, on the whole, did better in July than most global macro plays, which tended to be slightly down for the month as equities rose and bonds fell faster and