Holding the strings

The fortunes of macro funds have generally rebounded in the past six months helped along by more obvious trends in the world's stock markets. Many regained losses suffered after the 'sideways' movements of markets in the first half of 2000.

Jacob Schmidt, director of hedge fund rating and research at Allenbridge Hedgeinfo, says over the medium term macro fund managers have prospered.

He says: 'Now, the global macro sector accounts for 12% of the world's hedge fund strategies whereas 10 years ago