Hedge Funds

Turnaround for Global Alpha?


Global Alpha, the $10 billion flagship of Goldman Sachs Asset Management's hedge fund stable that has been floundering for more than a year, appears to have snapped its losing streak.

Down almost 9% in 2006, the highly touted macro fund run by quantitative strategists Mark Carhart and Ray Iwanowski looked to be headed for a second down year as losses neared 6% through May. But by mid-June, Global Alpha was up around 6% for the month, according to an investor, making it just about flat for the year.

After 2005, when it earned 40%, investors poured into Global Alpha