Hedgeweek Americas Awards: Macro managers steer through geopolitical turbulence
The fallout from the Covid-19 pandemic continues to reshape the global macroeconomic and geopolitical landscape, driving both uncertainty as well as opportunity for macro managers – and the Best Macro Hedge Fund category at this year’s Hedgeweek Americas Awards will honour those managers who have successfully steered their strategies through the assortment of rapidly-evolving macro trends.
Macro hedge funds bet on broader macroeconomic trends and themes by trading a range of markets and indices, going long and short across equities, bonds, currencies, and commodities, among others.
The strategy has traditionally been home to many of the hedge fund industry’s best-known and most successful managers, and despite a choppy 2021, the sector is seen as well-placed to capitalise on trading opportunities stemming from monetary policy shifts and the increasingly fragmented geopolitical and macroeconomic landscape arising from the Covid recovery.
Among the strongest performers this year, three strategies have been nominated in the Best Macro Hedge Fund category at this year’s Hedgeweek Americas Awards: HonTe Advisors’ HonTe LH Macro Onshore Fund, Pacific Investment Management Co’s PIMCO Commodity Core Alpha Offshore Fund, and the Calvion Capital Master Fund, run by Calvion Capital Management.
Established in 2015, San Francisco-based HonTe runs a discretionary global macro strategy focused on long-horizon, thematic, multi-asset class plays across both developed and emerging markets. The PIMCO Commodity Core Alpha Master Fund, which was launched in 2018, employs an alternative risk premia investment strategy, focusing on companies globally. Meanwhile, New York-based Calvion – which was founded in 2017 – is an opportunistic, event-driven macro fund which targets emerging markets using a mix of currencies, interest rates, sovereign credit, and equities.
Hedge Fund Research data shows macro managers overall generated annual returns of more than 10 per cent on average last year, with discretionary thematic macro funds up almost 14 per cent in 2020.
While macro strategies have remained in the black this year – scoring an 8 per cent advance in between January and July – 2021 has not been without its wobbles.
Lukewarm performances over the summer – macro funds ended July slightly in the red – have prompted some investors to retreat from the strategy, industry research shows. Allocators withdrew USD1.5 billion during July, according to recent eVestment flows data, which followed USD5.5 billion of outflows in June.
Recognising and honouring excellence among hedge fund managers and service providers in the Americas region, and voted for by participants within the hedge fund industry itself, the Hedgeweek Americas Awards – hosted by Hedgeweek, with fund manager data being provided in partnership with Bloomberg – represent an important mark of recognition and respect among peers, investors, advisors, and counterparties.
A total of 29 fund manager awards will be announced at an exclusive presentation ceremony and industry networking event held at The University Club of New York on 21 October.