Discretionary Global Macro: A Manager’s Perspective
Kenneth G Tropin
Global Macro: Theory and Practice, Introduction
Global Macro: Origins, History, Prospects
Discretionary Global Macro: A Manager’s Perspective
Systematic Strategies: A Quantitative Approach to Global Macro
The Different Shades of Macro
The Role of a Global Macro Strategist
Emerging Markets in Global Macro Investing
Risk Management in Global Macro Funds
Geopolitical Risk in Global Macro Investing
Global Macro: A Prime Broker’s Perspective
Understanding Global Macro Leverage
Global Macro: An Investment Consultant’s Perspective
Global Macro: a Fund of Hedge Fund’s Perspective
The Case for Global Macro in Institutional Portfolios
GTAA and Global Macro for Long-term Institutional Investors
While global macro is one of the “original” hedge fund strategy types, it has generally evolved alongside the industry – from single managers trading a portfolio to more complex multi-manager, multi-asset class portfolios. Managing a discretionary global macro fund is therefore a complex and expensive venture. Many macro funds are still dominated by a founder or key risk taker who tends to concentrate a fund’s risk profile, but the majority of large macro funds now have multiple portfolio managers trading a portion of the fund. The typical macro fund trades a broad variety of asset classes, geographic regions and instrument types, necessitating a robust investment platform and an equally robust operational backbone. The increasingly institutional nature of hedge fund investors also reinforces this need for robust systems, processes and reporting, both internally and externally. Successful funds should have a well-defined business model, top calibre trading talent, a disciplined investment process, robust risk management and a sophisticated operational infrastructure.
While there is
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