A changing environment

Fund of fund managers are looking to global macro managers and seeking more aggressive long/short portfolios to boost returns in 2003.

David Palmans, portfolio manager of 3A's closed-ended Altin fund of hedge funds, says the fund will have increased its weighting to global macro funds to 30%, its largest strategy allocation, by the end of January, up from 22% at the end of November 2002.

'We see the euro higher versus the dollar and potentially slightly lower European interest rates, especially on

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