“Historically, macro has the lowest correlation to broader equity markets (in the case of April, negatively correlated with equity market declines) and that macro posted one of its strongest quarters in 20 years in Q1 2024, through an environment which was dominated by the complete opposite of risk sentiment than the trends in early Q2 2024. This demonstrated positive-optionality and volatility-positive positioning is likely to continue to attract capital from institutional investors looking for exactly what macro is providing through the recent market cycles—specialised participation in powerful gains, portfolio protection/negative correlation in risk-off environments.”
https://www.hedgeweek.com/macro-strategies-lead-april-hedge-fund-gains/
