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World's Best Performing Macro Hedge Fund Lost 16% Last Month
Source: Bloomberg
The PruLev Global Macro Fund gave up almost one-third of last year’s 52 percent gain in February, after being caught out by the return of volatility.
The fund, the world’s best performer last year among macro funds with assets of more than $100 million, lost 16 percent, mainly from stock bets, according to preliminary figures in a newsletter obtained by Bloomberg. The decline in the Singapore-based fund’s Class-B shares compares to a 0.9 percent drop in the Eurekahedge Macro Hedge Fund Index last month.
Markets were roiled last month by strong U.S. jobs growth, a surge in volatility, and new Fed Chairman Jerome Powell suggesting the central bank could accelerate the pace of monetary tightening this year.
“Despite the fund’s preparation with de-risking for the inevitable correction in the markets, the technical behavior of the markets proved to be highly unexpected in the beginning of February,” PruLev said in its letter. “As the fund invests based on fundamentals, it was negatively affected in this occasion.”
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The fund, the world’s best performer last year among macro funds with assets of more than $100 million, lost 16 percent, mainly from stock bets, according to preliminary figures in a newsletter obtained by Bloomberg. The decline in the Singapore-based fund’s Class-B shares compares to a 0.9 percent drop in the Eurekahedge Macro Hedge Fund Index last month.
Markets were roiled last month by strong U.S. jobs growth, a surge in volatility, and new Fed Chairman Jerome Powell suggesting the central bank could accelerate the pace of monetary tightening this year.
“Despite the fund’s preparation with de-risking for the inevitable correction in the markets, the technical behavior of the markets proved to be highly unexpected in the beginning of February,” PruLev said in its letter. “As the fund invests based on fundamentals, it was negatively affected in this occasion.”
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