Balestra Capital Partners broke ranks from most macro fund managers this summer, returning 3.8% for September on top of net gains of 21.2% in August, 35.65% in July and 20.98% in June. Those results, the product of some early shorts in subprime mortgage securities, put the fund up an astounding 132.36% for the year. The Absolute Return Macro Index also netted 3.8% for the month, but in comparison was up only 12.25% year to date.
New York-based Balestra Capital was founded in 1979 by James Melcher to run managed accounts. The global macro fund launched in November 1999; firm