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Hathersage Capital Management – Best Macro Hedge Fund

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Hathersage Capital Management LLC is a discretionary global macro investment manager founded in 1991. The firm is a foreign exchange specialist, expressing its global macro views strictly in G10 currencies, using interbank spot, forwards and vanilla options. 

Hedgeweek readership has voted Hathersage Capital Management’s Citi G10 Macro Access Strategy as the Best Macro Hedge Fund at the 2017 Hedgeweek US Awards. Hathersage is the only fund manager to have won two years in a row on this occasion.

The portfolio management team at Hathersage has a wealth of experience in the foreign exchange markets. Members of the team have been managing substantial FX-only portfolios for more than three decades. The team combines that experience with its knowledge of option pricing and option trading in structuring a portfolio of directional exposures based upon fundamental macroeconomic analysis. 

“The long convexity aspect of our structured portfolios has really kicked in during periods when global equities have experienced extreme downside market dislocation. This has led to outsized gains in the Hathersage macro strategy at times when equity investments are performing poorly,” says 35-year currency market veteran and Hathersage Chief Investment Officer, Bill Lipschutz (pictured).

The Hathersage G10 Macro Access Strategy, with a return of 38.39 per cent, claimed the number one spot in 2016 amongst the twenty six FX-only manager strategies on the Citi Access Managed Investment Platform. The strategy has generated a 21.34 oer cent annualised return since the inception of the platform in 2011, which also claims top honors. 

Hathersage also offers a more traditional tactical momentum based strategy, the Hathersage G10 Daily Access Strategy, on the Citi Access Platform. This strategy posted a return of 10.54 per cent in 2016 and has generated 10.10% annualised gains with an information ratio above 1.00 since inception. That makes it the top risk-adjusted performer on the platform. While maintaining a low correlation with the flagship Hathersage macro strategy, this strategy has also exhibited low negative correlation with global equities over its life.

On winning this year’s award, Lipschutz says: “We are very grateful to the Hedgeweek readership for selecting Hathersage as best in class two years in a row. Hedgeweek does a great job highlighting hard work in the financial services industry and we are honored to be recognised.”

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