Despite a significant fall in volatility in markets January saw a mixed set of returns for global macro players.
Tredia Performance Fund was down 1.73% on the month, although three-month returns remain good at 7.36%. FRM Sigma Fund was down 0.2% for January, leaving three-month numbers at 6.5% and Permal Macro Holdings was up 1.4% to leave three-month returns at 4.05%.
Blacksquare Capital Global Macro was up 1.11%, bringing three-month numbers to 3.29%. The fund's discretionary managers benefited from the reduction in European interest rates and the steepening of government yield curves, with Brevan Howard up 4.1%, Caxton up