Macro Funds End 2023 With Mediocre Results

As Discovery surged and Haidar tanked, most funds — including Tudor, Kirkoswald, Caxton, and Brevan Howard — posted single-digit gains or losses.


Illustration by II

Two outliers aside, most macro hedge funds posted small losses or gains in 2023, in what was an unpredictable, wildly volatile year for the strategy.

Investors began the year bearish, not expecting a soft landing and generally avoiding risk assets. A number of them correctly anticipated rising interest rates as central banks tightened the money supply.


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