Investors shun sector

Global macro funds, which identify macro-economic and currency trends and then take significant positions to benefit from those trends, continue to be out of favour with the hedge fund investment sector. The average fund, in the much-reduced sector of 32 funds, has returned 38.6% over the three years to the end of August.

Bob Lyster, of Lyster Watson in New York, notes: "In terrible markets, which we have seen around the world this year, a number of funds have been murdered, especially those