Hedge fund heavyweight Brevan Howard’s macro fund performed well last year, with most of its gains derived from its interest rate positions.
Last year was no joke – fund managers had to wade through volatility from high inflation, soaring energy costs, shaky FX markets, and the war in Ukraine. Globally, hedge funds lost 4% for its investors last year, according to HFR data.
Last year was no joke – fund managers had to wade through volatility from high inflation, soaring energy costs, shaky FX markets, and the war in Ukraine. Globally, hedge funds lost 4% for its investors last year, according to HFR data.They anticipated it and according to its annual report posted on Wednesday it proved “favorable” for its core macro strategies.
For 2023, chair of the board Richard Horlick said their hopes for a soft landing from the Federal Reserve and the European Central Bank were dashed as the interest rate policymakers turned more hawkish on inflation.“Huge uncertainties remain as to whether global central banks will succeed in containing inflation without triggering severe recessions. Something always breaks during a rate-hiking cycle and there’s no such thing as a pain-free recession,” Horlick added.
“Global imbalances, both within individual economies as well as between them, in part due to economic de-synchronisation, are at generational extremes. As a consequence, the macro landscape looks set to remain extremely interesting,” he added.
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