Global Macro
Global Macro
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Global macro is a hedge fund strategy that bases its holdings - such as long and short positions in various equity, fixed income, currency, and commodities markets - primarily on top-down macroeconomic and political views of individual countries and asset classes.
In the aftermath of the global financial crisis of 2007-09, global macro was one of the few investment strategies that delivered positive returns. Since then global markets have been driven almost solely by macroeconomic decision making; more so than at any time in recent years. Global Macro: Theory and Practice, edited by industry expert Andrew Rozanov, is the first comprehensive handbook and authoritative guide focusing exclusively on global macro strategies, designed for use by investment professionals involved in constructing and managing institutional portfolios.
The book examines different strategies within the global macro sector, focusing on their unique risk-return characteristics and their role and place in an institutional portfolio. With contributions from a cross section of leading industry practitioners, chapters include:
- The Role of a Global Macro Strategist
- Emerging Markets in Global Macro Investing
- A Prime Broker’s Perspective
- Systematic Strategies: A Quantitative Approach to Global Macro
- A Fund of Hedge Fund’s Perspective
The authoritative guide and reference tool for global macro investing, this book is essential for anyone who wants to be better informed when they make their asset allocation, portfolio construction and hedge fund selection decisions.
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Table of contents
IntroductionIsaac Souede, Permal Group
1. Global Macro: Origins, History, Prospects Andrew Rozanov, Permal Group
2. Discretionary Global Macro: A Manager’s Perspective Kenneth G. Tropin, Graham Capital Management, L.P.
3. Systematic Strategies: A Quantitative Approach to Global Macro Menachem Sternberg, Eagle Trading Systems, Inc 4. The Different Shades of Macro Igor Yelnik 5. The Role of a Global Macro Strategist Grant Wilson, Civic Capital 6. Emerging Markets in Global Macro Investing Gene Frieda, Moore Capital 7. Risk Management in Global Macro Funds Barry Schachter 8. Geopolitical Risk in Global Macro Investing David Murrin, Emergent Asset Management 9. Global Macro: A Prime Broker’s Perspective Barry Bausano, Deutsche Bank Securities 10. Understanding Global Macro Leverage John Casano, Financial Diligence Networks LLC 11. Global Macro: An Investment Consultant's Perspective Simon Fox, Mercer 12. Global Macro: a Fund of Hedge Fund’s Perspective Omar Kodmani and Andrew Rozanov, Permal Group 13. The Case for Global Macro in Institutional Portfolios Arjan Berkelaar, KIMC U.S. Inc 14. GTAA and Global Macro for Long-Term Institutional Investors Gerlof de Vrij, Roy Hoevenaars and Pieter Jelle van der Sluis, Blenheim Capital Management BV