Macro funds falter in debt crises

Hedge funds betting on macroeconomic trends have been wrong-footed by the Greek sovereign debt crisis and the plummeting values of sterling and the euro. The average macro hedge fund has kicked off 2010 with a 1.25 per cent loss, according to data from Hedge Fund Research, making suggestions of links between speculators and movements in Greek and Spanish gilts appear ill-founded. Macro funds from Brevan Howard, Tudor Capital and Moore Capital are all believed to be in negative territory.