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Macro Hedge Funds Stuggle In October, But Future Looks Positive

Stocks in this article: HLTOY NOK PHG

TT International’s best-performing positions among European equities were Hellenic Telecom Organization S.A. OTCMKTS:HLTOY, Nokia Corporation (NOK) (NOK1V) HEL:NOK1V, Koninklijke Philips NV (PHG) and Valeo SA EPA:FR. Shorts in FTSE and EuroStoxx futures, however, lost money. The fund is particularly bullish about European equities, believing that the market is entering into a strong season.

MaxQ, Woodbine slip

North Asset Management’s MaxQ Macro Fund did not so so well in October: the fund lost 0.79% in the month, trimming the total return to +7.35%. The fund gained the most in the Scandinavian region while suffering the highest detraction in the emerging markets.

Woodbine Capital, another global macro hedge fund, was also down in October. According to a monthly update from the fund manager, Woodbine Capital lost 1.78% in the period, which pulled the year-to-date return down to -1.29%. Here again in Woodbine’s case, the hedge fund did well in European equities and gained in long European interest rates and U.S stocks at the same time. Woodbine suffered a loss in long Japanese equity holdings. The Nikkei suffered a decline as interest rates in China unexpectedly spiked and investors in Japan became fearful of slower growth in the Middle Kingdom.

Woodbine continues to expect that risky assets will trade up in Japan, as the country’s largest domestic investor, the Government Pension Investment Fund, allocates more money to foreign bonds and domestic risk assets. In October, the fund initiated a new long position in short dated Brazilian and Australian interest rates.

Another medium-sized global macro hedge fund, Omni Macro, lost 2.09% in last month, according to a monthly investor update. The fund is now down 5.12% for the year.

Paul Tudor Jones’ Tudor Discretionary Macro Fund was down 0.6% in October; the fund manages $1.3 billion. Tudor B.V.I Global was nearly flat over the same period.

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