Bloomberg – Hedge funds that bet on broad macroeconomic trends have bled money all year waiting for their investment ideas to hit. Some of their biggest wagers—from rising interest rates to a stronger U.S. dollar to more volatile markets—finally paid off in September, helping reverse an otherwise miserable 2014.
Some of the best-known money managers in the industry, including Discovery Capital Management, Brevan Howard Asset Management, Tudor Investment Corp. and Caxton Associates, produced strong returns in September. As a whole, so-called macro funds had their best single month in four years, rising 1.46 percent on average, according to the Absolute Return Macro Index.
