Argonaut Capital Management's flagship macro fund rose by an impressive 15.9% in October, buoyed by a broad array of sustained trending across multiple markets. In fact, the fund, run by former Julian Robertson protégé David Gerstenhaber, ended the month up 59.9% on the year. Performance in 2003 has been among the best Argonaut Investments has seen since the late 1990s and runs in stark contrast to the slight loss the strategy saw in 2002.
Argonaut's October gain was far stronger than the monthly macro median. Many macro plays were up less than 1% for the month. And, unlike Argonaut,