Being positioned net long in equities, particularly outside the United States, helped Barton Biggs' Traxis Fund pull out a solid performance in 2005. The $1.55 billion portfolio netted an estimated 12.42% for the year, handily beating the Absolute Return Macro Index, which ended the year up 7.61%. Traxis also outperformed the benchmark MSCI All Country World Index, which climbed 11.37%.
Like many macro players, Traxis struggled during 2005's first half. In the early weeks, the strategy took losses in a short dollar trade. It was also hurt by some spread bets on sovereign bonds and through mid-July had reported