BH Macro has published figures for 2014. They say the environment for their macro-trading strategies got more favourable towards the end of the year but this just offset poor performance earlier in the year and the return on net assets for 2014 as a whole turned out to be 0.26%.
The Chairman’s statement says the weaker performance in the earlier part of the year largely arose from losses in Japanese equities, as the Nikkei fell back sharply on weakness in the Japanese economy, and in US interest rates, as expectations of tightening by the Fed proved premature. These losses were contained by reducing risk exposures. When market conditions turned more favourable later in the year, significant gains were achieved from the cut in the ECB’s rates in mid-year and from foreign exchange as the dollar strengthened.
BHMG : Stronger Q4 nudges BH Macro into positive territory for 2014