Global macro hedge funds more correlated as drawdown control becomes priority

Changing of the guard

risk management

The global macro landscape is changing fast. Recent years have seen some notable departures among the old guard of macro traders and returns have fallen across the board.

Meanwhile, whipsawing markets driven by political rather than fundamental factors present a challenging environment for those who continue to ply macro strategies.

The danger of compound short-term losses undermining medium or long-term gains is forcing a cultural shift towards short-termism and disciplined risk management

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