Sub Index - Opportunistic Macro

This category is generally what most people think of when they think ‘Macro’ and represents the purest expression of discretionary macro trading. This cohort of managers attempt to generate all-weather absolute returns predominantly from fundamentally based predictions of macroeconomic developments ('big picture' portfolio) with trades implemented via liquid financial instruments and generally in a concentrated manner. The success of the strategy often relies heavily on active management (both at the underlying positions and relevant hedges), trade structuring and implementation to try enhance returns and avoid negative price action. This cohort of funds tends to be the most heterogeneous and specialized group of managers within Macro, with a wide variety of investment styles and asset classes traded.

Strategy AUM
31 December 2023
£13.1b
-25.1% YoY

Performance

Monthly Returns

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2024 -0.2 -0.4 -0.6
2023 2.3 -0.9 0.9 -0.1 -0.2 -0.8 0.7 0.3 0.2 0.4 0.5 1.2 4.7
2022 1.0 -2.1 0.3 0.0 1.0 -1.5 -0.5 1.3 -1.5 0.5 2.1 1.8 2.4
2021 -0.2 2.0 0.7 0.3 0.5 -0.4 -1.3 0.6 0.8 -0.5 -1.7 0.9 1.6
2020 -0.5 -1.6 -8.1 2.3 2.9 1.2 0.7 1.3 -0.8 0.4 3.1 1.1 1.5
2019 1.7 0.1 -0.1 0.4 -0.5 1.3 0.2 0.0 1.0 0.7 -0.3 1.4 6.0
2018 1.6 -0.7 -0.8 -0.3 -1.7 -0.6 0.5 -1.7 0.3 -0.9 -0.1 -0.6 -4.9
2017 0.2 0.1 0.3 -0.4 0.0 0.5 0.0 -0.2 0.4 -0.1 -0.1 -0.3 0.4
2016 -1.2 -1.3 0.8 0.9 -0.1 -0.8 0.5 -0.1 -0.1 1.1 -0.7 0.6 -0.3
2015 0.9 0.8 0.4 -0.8 0.9 -0.6 0.3 -0.8 -0.9 0.2 0.2 -0.5 0.0
2014 -0.2 0.1 0.2 0.0 0.5 -0.3 0.4 -0.2 1.2 -0.8 0.4 -0.9 0.6
2013 0.6 0.3 0.3 1.0 0.4 -1.5 -0.1 0.0 -0.1 0.6 -0.1 0.3 1.6
2012 1.9 1.1 0.3 -0.3 -0.7 0.8 1.2 0.5 0.5 0.6 0.6 0.7 7.7
2011 -0.3 0.3 0.3 0.2 0.0 -0.7 0.0 -0.3 -1.2 1.5 -0.5 0.6 -0.2
2010 0.4 0.6 1.3 0.3 -1.1 0.1 0.6 1.0 0.5 0.0 -0.2 0.6 4.3
Show all
  • Region Global
  • Currency Local Currency
  • Frequency Monthly Rebalancing
  • Methodology Equally Weighted
  • Download Index Return Series

Index Constituents

Filter by:
Name Inception Date Geography AUM AMC Perf. Fee Hurdle Min Inv. Liquidity MTD YTD 2023 1W 1M 3M 6M 1Y 2Y 3Y ISIN Liquidity Domicile Inv. Adviser Portfolio Manager UN PRI Signatory Companywide ESG Policy SFDR ESG Data Integration Active Ownership ESG Exclusion List Return Consistency
Percentile Rank
Performance
Percentile Rank
Diversifier
Percentile Rank
Downside Protection
Percentile Rank
Low Risk
Percentile Rank
Allianz Fixed Income Macro Jul 2018 Global £17m 0.70% 10,000,000 Daily -0.1 1.3 8.3 0.0 2.3 3.9 8.2 9.9 4.6 -2.6 GB00BG43NG36 Daily UK Allianz GI Mike Riddell Yes Article 6 Yes 7 20 46 31 27
Amundi Absolute Return Forex Oct 2013 Global £59m 0.40% 15% 5,000,000 Daily 0.4 2.2 0.0 0.2 0.7 1.3 2.4 3.8 3.5 LU0987184941 Daily Luxembourg Amundi Asset Management James Kwok Article 6 96 35 88 70 89
Artemis Strategic Assets May 2009 Global £205m 0.75% 0% 10,000,000 Daily 0.2 0.7 3.7 0.0 0.2 0.8 0.6 0.0 28.1 17.3 GB00B3VDDQ59 Daily UK Artemis Fund Managers William Littlewood Article 6 40 41 32 34 40
Bellevue Funds (LUX) BB Global Macro Mar 2010 Global £65m 0.80% 15% 3M Libor 0 Daily 0.6 8.5 -0.3 -0.3 3.4 5.7 8.8 3.7 -4.3 LU0494762056 Daily Luxembourg Bellevue Asset Management Lucio Soso, Alexandrine Jae... 14 19 11 15 23
BlueBay Global Sovereign Opportunities Dec 2015 Global £379m 0.95% 15% 500,000 Daily 1.4 5.6 0.0 -0.2 -0.3 1.7 5.2 23.4 19.2 LU1337225210 Daily Luxembourg BlueBay Asset Management LLP Russel Matthews Article 8 91 85 94 82 60
Brevan Howard Absolute Return Government Bond Fund Jul 2019 Global £2.1b 0.30% 15% 1,000,000 Daily 0.1 0.9 -0.4 -0.3 0.8 4.8 1.1 6.3 15.3 LU1917106814 Daily Luxembourg Brevan Howard Asset Management Adam Purzitsky, Paul Shanta... 87 82 67 82 71
FTGF Legg Mason Western Asset Macro Opportunities Bond Nov 2013 Global £1.1b 1.10% 0% No 30,000,000 Daily 0.6 -3.5 13.8 0.7 -2.6 3.7 4.7 8.9 0.4 -8.3 IE00BC9S3W16 Daily Ireland Legg Mason Global Asset Man... S. Kenneth Leech, Prashant ... Yes Yes Article 6 No N/A N/A 15 8 19 4 5
GAM Star Emerging Market Rates Apr 2010 Emerging Markets £14m 0.85% 10% 20,000,000 Daily -2.6 -0.5 -0.1 -1.9 -2.8 -3.9 -4.7 -12.0 -15.2 IE00B5TN9J68 Daily Ireland GAM Investments Paul McNamara, Denise Prime No No Article 6 No N/A N/A 13 5 28 20 24
GAM Star Global Rates Nov 2009 Global £226m 1.00% 10% Yes 0 Daily 1.2 7.8 0.3 -0.2 1.1 4.0 11.2 26.2 35.1 IE00B59CJW65 Daily Ireland GAM Investments Adrian Owens Yes Yes Article 8 Yes N/A N/A 85 94 95 62 84
Goldman Sachs Strategic Macro Bond Oct 2014 Global £139m 0.50% 10% 1,000,000 Daily 0.1 -0.1 8.0 0.2 -0.7 0.8 3.4 5.9 7.2 5.9 LU1533065592 Daily Luxembourg Goldman Sachs Asset Managem... GSAM Article 8 42 17 71 72 40
Graham Macro UCITS Jan 2018 Global £1.1b 1.85% 20% Daily 2.8 2.4 -0.1 1.8 0.5 2.3 2.1 23.1 28.1 IE00BFNWR956 Daily Ireland Graham Capital Management L.P. Article 6 89 91 68 97 77
H2O Adagio Jul 2013 Global £378m 0.35% 25% 100,000 Daily -1.1 8.9 0.0 -0.6 -1.2 2.6 4.6 20.3 18.3 FR0012489730 Daily France H2O Asset Management Article 6 79 80 41 38 76
H2O Allegro Mar 2011 Global £237m 0.70% 20% 100,000 Daily -5.9 18.8 -0.5 -4.3 -7.2 -0.1 5.9 78.6 49.4 FR0013393220 Daily France H2O Asset Management Article 6 73 99 51 23 42
H2O Vivace Mar 2011 Global £196m 1.00% 20% 100,000 Daily -9.6 20.8 -0.1 -5.5 -10.2 -3.4 -4.2 50.3 49.8 FR0011015478 Daily France H2O Asset Management Article 6 63 100 68 76 35
IAM BTG Pactual G10 Rates Sep 2023 Global £87m Daily 0.5 0.0 0.4 0.5 IE000YAIGBK5 Daily Ireland BTG Pactual John Fath
JPM Global Macro Nov 2005 Global £403m 0.60% 10,000,000 Daily 0.1 1.1 1.8 0.1 0.3 0.2 0.6 1.3 -1.4 -3.4 LU0235842555 Daily Luxembourg J.P.Morgan Asset Management Shrenick Shah, Benoit Lanct... Yes Article 6 20 21 89 55 44
JPM Global Macro Opportunities Jan 2013 Global £880m 0.75% 5,000,000 Daily -0.2 1.8 -0.6 0.1 0.6 0.1 0.3 -0.7 -5.9 -6.9 GB00B4WKYF80 Daily UK J.P.Morgan Asset Management Shrenick Shah Yes Article 6 14 14 79 52 16
JPM Global Macro Opportunities (LUX) Apr 2005 Global £2.5b 0.65% Daily 0.2 1.3 -1.8 0.1 0.2 -0.6 -1.0 -2.3 -9.5 -12.5 LU0095938881 Daily Luxembourg J.P.Morgan Asset Management Shrenick Shah Yes Article 6 2 8 84 42 10
JPM Global Macro Sustainable Aug 2019 Global £744m 0.60% 10,000,000 Daily 0.1 0.5 -0.3 0.0 -0.1 -0.7 -0.5 -1.1 -5.7 -8.8 LU2003419376 Daily Luxembourg J.P.Morgan Asset Management Shrenick Shah Article 8 11 12 82 50 21
Jupiter Strategic Absolute Return Bond Fund May 2014 Global £522m 0.40% 10% Yes 1,000,000 Daily 0.2 -0.6 3.1 0.4 -0.2 1.3 3.2 2.5 9.4 8.1 IE00BD9GFP91 Daily Ireland Jupiter Investment Manageme... Mark Nash No No Article 6 No N/A N/A 94 60 75 76 99
KLS Arete Macro Jul 2018 Global £472m 1.25% 20% No 1,000,000 Daily 2.2 11.5 -0.7 -0.6 3.5 6.7 13.5 12.0 8.4 IE00BDRV1V45 Daily Ireland Ocean Arete Limited Will Li Yes Yes Article 8 Yes N/A Yes 26 57 74 42 37
Lemanik SICAV Global Strategy Jul 2007 Global £114m 0.60% 20% EURIBOR 500,000 Daily -4.0 -13.6 -0.2 -3.3 -3.5 -5.1 -11.6 -18.6 -25.3 LU0438908328 Daily Luxembourg Lemanik SA Maurizio Novelli 4 2 71 96 4
LIOR GP - Alpha Fund Mar 2021 Global 1.15% 20% Yes 1,000,000 Daily 0.0 LU2263804002 Daily Luxembourg LIOR Global Partners Jeremy Touboul Yes Yes Article 8 Yes No Yes
M&G (Lux) Episode Macro Fund Oct 2018 Global £418m 0.75% 20% Yes 500,000 Daily 0.8 -1.3 8.9 0.6 -0.1 2.1 4.6 5.4 24.1 25.3 LU1670714069 Daily Luxembourg M&G Investments David Fishwick and co deput... Yes Yes Article 6 No N/A N/A 81 82 66 77 77
MontLake Alpstone Global Macro UCITS Fund Oct 2023 Global £25m 1.50% 20% No 1,000,000 Daily 0.2 -0.1 0.6 1.1 IE000P7DL099 Daily Ireland Alpstone Capital Frederic Favre & Alexandre ... Yes Yes Article 6 No N/A N/A
Neuberger Berman Tactical Macro Fund Jun 2023 Global £21m 0.80% 0% No 1,000,000 Daily 0.2 0.2 0.2 -0.4 0.2 1.3 IE000PD59QT4 Daily Ireland Neuberger Berman Robert Surgent Yes Yes Article 6 No Yes N/A
Pacific G10 Macro Rates Mar 2019 Global £160m 0.75% 10% Yes 1,000,000 Daily 2.0 6.3 0.2 1.0 0.8 3.4 6.5 7.4 6.3 IE00BG5J0Y77 Daily Ireland Pacific Asset Management Shayne Dunlap, Richard Mars... Yes Yes Article 6 No N/A N/A 32 45 45 55 51
RV Capital Asia Opportunity UCITS Sep 2016 Asia £147m 1.55% 20% No 1,000,000 Daily 1.3 2.3 1.0 5.4 4.6 0.5 7.0 7.0 IE00BF6SX250 Daily Ireland RV Capital Management Ronnie Roy Yes Yes Article 8 Yes N/A Yes 71 51 66 72 83
Tages Kirkoswald Global Macro UCITS Fund Jan 2022 Global £350m 2.00% 20% 1,000,000 Weekly 1.1 3.9 1.4 2.7 2.0 6.2 7.6 IE000BE9QSU8 Weekly Ireland Tages Capital LLP Greg Coffey
Trium Epynt Macro Fund Sep 2022 Global £20m 0.50% 10% Yes 1,000 Daily 0.8 2.0 -0.1 0.6 -0.6 0.4 1.9 IE000ALF9G18 Daily Ireland Trium Capital Tom Roderick Yes Yes Article 6 No N/A N/A
UBS Currency Allocation Return Strategy Sep 2016 Global £382m 0.65% Daily -6.6 4.4 1.2 -3.0 1.6 -2.6 3.1 -13.4 -2.3 IE00BDRXG821 Daily Ireland UBS Asset Management Jonathan Davies, Alistair M... Article 6 15 22 50 16 15
Displaying 1 - 31 of 31 funds. View all

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Current Site Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.