Macro Funds Are Mauled in March

The Silicon Valley Bank collapse played a major role in the widespread underperformance.

Illustration by II

Illustration by II

Macro funds had a rough time of it in March. Most of them lost money, and several of them were hit hard, leaving them in the red or barely profitable in the first quarter.

“The collapse of Silicon Valley Bank triggered a rapid chain of events in March 2023, including trouble for other banks and an aggressive policy response from the Fed,” Graham Capital Management told clients in a report dated March 27 that was obtained by Institutional Investor.

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