IT HAS been a bad stretch for hedge funds that make bold bets on big economic trends. Two prominent multibillion-dollar macro hedge funds have shut down in the last week after double-digit losses.
The Bain Capital Absolute Return Capital fund blamed a "challenging environment" for its shutdown. And Michael Novogratz, the well-known Wall Street trader who ran Fortress Investment Group's flagship macro fund, which is also closing, went further, stating that the environment was "not conducive to achieving our best results".
But it is not all bad news for macro hedge funds, the corner of the hedge fund universe where managers wager on everything from currency moves to central bank interest rate increases...
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