Macro funds picked up where they left off last month, with some excellent performances pulling the Absolute Return Macro Index up 3.05%, the best performing strategy for the period. Year to date, macro strategies have netted a median return of 15.68%, outpacing the Absolute Return Composite index by more than six percentage points.
Winning themes included going long the Australian dollar, shorting the U.S. dollar and holding gold. Positions in emerging market equities and real estate in emerging countries were profitable also.
Traxis Fund Offshore made a 6.81% gain for the month, bringing its year-to-date total to 23.77%.