Performance

Macro funds miss dollar rise

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A poor first half for most of the big players prompts talk of a new approach

Some investors are calling it the macro paradox. And it goes something like this: Just at a time when macro funds seemed poised for a renaissance of sorts, positioned to grab a bigger share of a deepening inflow of institutional assets because of perceived capacity constraints in other strategies, macro returns have widely failed to impress thanks to 2004's choppy markets.

As a group, macro funds on the whole lost about 0.3% in August leaving them up a meek