Geopolitical uncertainty is never far from the surface and investing on a global basis can prove to be a minefield for fund managers operating with a worldwide reach.
In the Citywire Alternative Ucits sector there are currently 34 fund managers running Global Macro strategies.
This approach typically means fund managers operating long/short strategies across multiple asset classes and geographic regions.
So who are the standout performers over both one-year and three-year periods?
|Fund Manager||Contributing Fund(s)||Three Year TR|
|Hugh Hendry||CF Eclectica Absolute Macro A EUR Acc||16.46%|
|Emeric Challier||OFP 400 B||13.30%|
|Adrian Owens||GAM Star Global Rates EUR Acc||11.44%|
|Thierry Michel||LO Funds – Tactical Alpha (EUR) P A||5.94%|
|Lucio Soso||Bellevue F (Lux) BB Global Macro B EUR||4.48%|
Heading up the field over three years is well-known fund manager and market commentator Hugh Hendry. Hendry is lead manager on the CF Eclectica Absolute Macro fund, which he has run since July 2008.
The bulk of Hendry’s investments are in fixed income (55%). This while short positions in equities makes up a considerable amount of exposure, accounting for over 20% of the fund according to the latest available factsheet.
In his latest market commentary, Hendry, who previously criticised the emphasis placed on China, said he was still retaining a short bias to the country as well as shorting EM currencies.
His return of 16.46% is narrowly ahead of Emeric Challier of OFI Asset Management. The Paris-based manager previously discussed his concerns over the US market with Citywire Global.
|Fund Manager||Contributing Fund(s)||One Year TR|
|Vincent Chailley||H2O Adagio R/H2O Moderato R/H2O Patrimoine R||29.16%|
|Adrian Owens||GAM Star Global Rates EUR Acc||8.38%|
|David Fishwick/Eric Lonergan||M&G Episode Macro EUR T-H Net Acc (Hgd)||6.17%|
|Lucio Soso||Bellevue F (Lux) BB Global Macro B EUR||6.14%|
|Andrea Cuturi||Planetarium Fund Anthilia Blue B||5.81%|
Posting powerful outperformance over the year to the end of July 2013 is H2O Asset Management’s Vincent Chailley. Chailley has returned 21 percentage points more than his nearest rival and managed this feat while overseeing three separate global macro funds.
The largest of these three funds is the H2O Patrimoine, which Chailley is supported on by company founder Bruno Crastes.
In this approach, Chailley stressed diversification but has a strong emphasis on fixed income, with sovereign bonds and currency markets making up the largest bets.
Chasing Chailley but some way back is GAM’s Adrian Owens, who has run the $1.9 billion GAM Star Global Rates fund since its launch in November 2009.