Global Discretionary Funds Are Producing Significant Excess Returns
$1bn+ global discretionary funds produced notable excess returns over sub-$1bn funds during the past two years.Systematic macro has outperformed discretionary approaches on average over the same period.Macro hedge funds have enjoyed a renaissance in recent years with the biggest funds showing significant outperformance. Haidar Capital, for example, stormed to a 193% blockbuster annual return, its best ever. And Rokos Capital rebounded from its worst-performing year in 2021 (-26%) with a record 51% gain. This performance was well ahead of the overall hedge fund universe, which lost 5%, as well ...