Andrew Law

Macro hedge funds have seen their post-election plays reverse direction over the past six weeks.

Managers profited by shorting the euro and going long the dollar, while emerging-markets and commodity plays suffered.

Following the recent retirement of its legendary founder, Bruce Kovner, Caxton Associates is embarking on a new era under Andrew Law, his handpicked successor.

Kovner has turned over the firm to Andrew Law, who in 2008 gave Caxton its best return in years.

Bruce Kovner and Peter D’Angelo, co-founders of Caxton Associates, are retiring from the hedge fund.

The week following the downgrading of U.S. debt by Standard & Poor’s was a turbulent one for the markets. But some hedge fund managers succeeded in navigating the chaos, and a few even finished that week in the black.