Global Macro: a Fund of Hedge Fund’s Perspective

By: Omar Kodmani and Andrew Rozanov

This article was first published as a chapter in Global Macro: Theory and Practice, by Risk Books.

This chapter will consider global macro strategies from the point of view of a fund of hedge funds (FoHF). While Permal Group runs one of the oldest and largest funds of global macro funds in the industry, the authors have made a conscious effort not to use it as the basis for the ensuing discussion. Instead, we have opted to use standard hedge fund industry benchmarks to make a more generic case,