Global funds are a mixed bag

Global funds are reporting disappointing returns post-11 September. Many macro and long/short equity funds with a worldwide investment brief have finished 2001 dazed and confused after a multitude of fruitless trades resulted in poor or flat performance. But generally they still have preserved capital better than mutual funds with a global remit.

Gartmore is one of the few which has been consistent. Martin Phipps, head of hedge funds at London-based Gartmore Investment Management, says his fund