By contrast, in 2005 there were 894 new stock funds and 244 new macro funds.
But macro funds tend to have a lot riding on a handful of bets.
That made macro funds one of the most popular types of hedge fund.
This easing expectation has both model and macro funds considerably short AUD.
FORBES: Choked By Options, The Euro Eases As It Awaits A Catalyst
Despite tepid performance in 2010 investors have remained enthusiastic about macro funds.
Macro funds are more demanding because they follow, or one might argue, create opportunity, like the U.S.-based funds that bet against the housing bubble.
Certainly the mortgage hedge funds turned in far more spectacular returns than any of the huge macro hedge funds.
Macro hedge funds use tactical asset allocation strategies in an attempt to bet the markets.
Last year, 184 new macro hedge funds were launched, compared with 203 funds started by traditional stock investors.
Macro strategy funds made up nearly 35% of all single manager launches in both the second and third quarter, HFR reports.
FORBES: How's The Euro Crisis Affecting Hedge Funds? It's Shutting Them Down
The advantage for the hedge funds in the mortgage market lay in the inefficiency of that market and the lack of such fierce competition as existed in the much larger universe of macro hedge funds.
As investors grow frustrated with stock picking, they're flocking to mutual funds that specialize in macro investing.
As an important LP (and a rare one with lots of cash to put to work), a Pharma can also influence the nature of the deals done by the fund, and can shape the macro venture fundraising environment by only investing in funds that will do early stage innovation vs later stage incremental assets.
The overall Hennessee Macro Index was off 2.1%, faring better than the other hedge fund indices as some funds were positioned conservatively in Treasuries, TIPS and gold.
FORBES: It's Official: Hedge Funds Had Their Worst Year Since 2008
应用推荐