Global macro hedge funds employ a top-down investment approach analyzing macroeconomic variables to assess their potential impact on markets. They pursue directional and relative value strategies across equity, debt, currency and commodity markets. Global macro funds exhibit attractive returns, low volatility, and low correlation to stocks and bonds, making them a beneficial diversifier for portfolios. CrystalTools can help advisors evaluate global macro managers through its analytics on historical performance, risk, and portfolio construction.
Clarifier les concepts : de la marque au marketing territorial - Journée mark...Cap'Com
Intervention de Vincent Gollain, directeur de l'attractivité durable des territoires, Agence Régionale de Développement d'Île-de-France lors de la journée d'actualité Cap'Com "Marketing territorial : où en est-on aujourd'hui ? " (19 octobre 2012 - Lyon)
La stratégie d'entreprise trouve ses racines dans l’art de la guerre. Elle est devenue une discipline à part entière, organisée selon une logique particulière, avec des enjeux qui lui sont propres.
La stratégie d’entreprise est apparu au cours des années 60 aux Etats-Unis (Chandler, 1962, Ansoff, 1965, Porter, 1982 et plus récemment, Meier, 2011). Mais son origine, plus ancienne, vient du domaine militaire. Étymologiquement, stratos signifie en grec « foule » , « armée » d’où dérivent stratégos « chef d’armée », et stratégia « commandement d’une armée ».
Clarifier les concepts : de la marque au marketing territorial - Journée mark...Cap'Com
Intervention de Vincent Gollain, directeur de l'attractivité durable des territoires, Agence Régionale de Développement d'Île-de-France lors de la journée d'actualité Cap'Com "Marketing territorial : où en est-on aujourd'hui ? " (19 octobre 2012 - Lyon)
La stratégie d'entreprise trouve ses racines dans l’art de la guerre. Elle est devenue une discipline à part entière, organisée selon une logique particulière, avec des enjeux qui lui sont propres.
La stratégie d’entreprise est apparu au cours des années 60 aux Etats-Unis (Chandler, 1962, Ansoff, 1965, Porter, 1982 et plus récemment, Meier, 2011). Mais son origine, plus ancienne, vient du domaine militaire. Étymologiquement, stratos signifie en grec « foule » , « armée » d’où dérivent stratégos « chef d’armée », et stratégia « commandement d’une armée ».
Analyse Stratégique d'Uber Eats, dans le cadre de l'intervention d'Isabelle DECOOPMAN.
Master Spécialisé MDCE Skema
Réalisé avec : Laurie LAUGIER, Léa GUIGNEBERT, Mehdi BENDAHOU, Aicha TI, Lyne SONE, Yu SHI
Réseaux sociaux : communication évènementielle et institutionnelleJade Le Maitre
Les slides de mon intervention au CNAM pour la formation Gestion de projet 2.0.
• J’ai déjà un site web ! Pourquoi communiquer sur les réseaux sociaux ?
• Élaborer sa stratégie numérique
• Quels réseaux pour quels messages ? Articuler ses cibles et ses contenus
• Qui intégrer dans le projet ? S’organiser en interne et choisir les bons outils
• Étude de cas institutionnelle : le Grand Lyon sur les réseaux sociaux
• Étude de cas évènementielle : Museomix
Présentation des étudiants 2019/2020 de mon cours e-réputation du Master Journalisme et Communication du Medi@LAB de l'Université de Genève : Réalité virtuelle
Marketing territorial : Outil pour renforcer l'attractivité des territoiresWijdane MOUHSINE
Résumé:
Entre passé et présent, le marketing n’est plus l'apanage du secteur privé. Au contraire, on constate que cette discipline occupe aujourd'hui une place cruciale au sein des collectivités territoriales. L’objectif principal de ce mémoire est de mettre en exergue la nature de corrélation qui existe entre marketing territorial et attractivité d'un territoire. Au coeur d'une littérature foisonnante qui s'est largement étendue ces dernières années, il est difficile de s’y retrouver. raison pour laquelle nous avons tenté une synthèse qui permettra de faciliter la compréhension et la lecture des différents travaux qui ont été menés dans ce sens, ainsi qu'une étude exploratoire visant à évaluer la conscience des chefs d'entreprises face à ce concept. Mots-clés: Territoire, marketing territorial, attractivité territoriale, collectivité territoriale
Abstract: Between past and present, marketing is no longer the preserve of the private sector. On the contrary, it can be seen that this discipline now occupies a crucial place within territorial communities.
The main goal of this thesis is to highlight the correlation between marketing place and the attractiveness of a territory. At the heart of an abundant literature that has expanded widely in recent years, it is difficult to find its way around. That is why we have tried to summarize the various studies that have been carried out in this direction, as well as an exploratory study to assess business leaders awareness of this concept.
Keywords: Territory, marketing place , territorial attractiveness, territorial community
The UK investment management industry is at a turning point. Traditional active managers have already had to adapt to changes in the institutional market, but now they face a confluence of trends – from regulation to pension auto-enrolment to the growth of passive investing – that could radically reshape the retail side of their industry as well.
NOVA is a multi-manager multi-strategy managed asset program looking for seed capital. This presentation represents simulated returns comprised of actual manager trading results.
How to Craft and Cultivate Your Investment Portfolio for 2023Isabella
The financial landscape of 2023 is in a constant state of flux, demanding investors to exhibit adaptability and astute strategies while crafting investment portfolios that mirror this ever-changing reality. In this article, we delve into the intricacies of constructing robust investment portfolios, perfectly aligned with the demands of today’s financial world.
Analyse Stratégique d'Uber Eats, dans le cadre de l'intervention d'Isabelle DECOOPMAN.
Master Spécialisé MDCE Skema
Réalisé avec : Laurie LAUGIER, Léa GUIGNEBERT, Mehdi BENDAHOU, Aicha TI, Lyne SONE, Yu SHI
Réseaux sociaux : communication évènementielle et institutionnelleJade Le Maitre
Les slides de mon intervention au CNAM pour la formation Gestion de projet 2.0.
• J’ai déjà un site web ! Pourquoi communiquer sur les réseaux sociaux ?
• Élaborer sa stratégie numérique
• Quels réseaux pour quels messages ? Articuler ses cibles et ses contenus
• Qui intégrer dans le projet ? S’organiser en interne et choisir les bons outils
• Étude de cas institutionnelle : le Grand Lyon sur les réseaux sociaux
• Étude de cas évènementielle : Museomix
Présentation des étudiants 2019/2020 de mon cours e-réputation du Master Journalisme et Communication du Medi@LAB de l'Université de Genève : Réalité virtuelle
Marketing territorial : Outil pour renforcer l'attractivité des territoiresWijdane MOUHSINE
Résumé:
Entre passé et présent, le marketing n’est plus l'apanage du secteur privé. Au contraire, on constate que cette discipline occupe aujourd'hui une place cruciale au sein des collectivités territoriales. L’objectif principal de ce mémoire est de mettre en exergue la nature de corrélation qui existe entre marketing territorial et attractivité d'un territoire. Au coeur d'une littérature foisonnante qui s'est largement étendue ces dernières années, il est difficile de s’y retrouver. raison pour laquelle nous avons tenté une synthèse qui permettra de faciliter la compréhension et la lecture des différents travaux qui ont été menés dans ce sens, ainsi qu'une étude exploratoire visant à évaluer la conscience des chefs d'entreprises face à ce concept. Mots-clés: Territoire, marketing territorial, attractivité territoriale, collectivité territoriale
Abstract: Between past and present, marketing is no longer the preserve of the private sector. On the contrary, it can be seen that this discipline now occupies a crucial place within territorial communities.
The main goal of this thesis is to highlight the correlation between marketing place and the attractiveness of a territory. At the heart of an abundant literature that has expanded widely in recent years, it is difficult to find its way around. That is why we have tried to summarize the various studies that have been carried out in this direction, as well as an exploratory study to assess business leaders awareness of this concept.
Keywords: Territory, marketing place , territorial attractiveness, territorial community
The UK investment management industry is at a turning point. Traditional active managers have already had to adapt to changes in the institutional market, but now they face a confluence of trends – from regulation to pension auto-enrolment to the growth of passive investing – that could radically reshape the retail side of their industry as well.
NOVA is a multi-manager multi-strategy managed asset program looking for seed capital. This presentation represents simulated returns comprised of actual manager trading results.
How to Craft and Cultivate Your Investment Portfolio for 2023Isabella
The financial landscape of 2023 is in a constant state of flux, demanding investors to exhibit adaptability and astute strategies while crafting investment portfolios that mirror this ever-changing reality. In this article, we delve into the intricacies of constructing robust investment portfolios, perfectly aligned with the demands of today’s financial world.
Through examining their nature and mechanisms, identifying their spin-offs and analyzing their performance, this presentation is designed to discuss what to look out for when conduct due diligence on different hedge fund strategies.
The Global Market Portfolio Composition Studygjohnsen
Eastgate Advisors, llc recently conducted a review of published literature on the likely composition of the global markets portfolio which theory says is the most mean variance efficient portfolio an investor can hold. Our purpose in doing so was to help update our strategic global asset allocation benchmarks.
Feel free to contact Greg Johnsen, CFA with comments or questions.
Significance of market timing and stock selection ability of mutual fund mana...Tapasya123
A Mutual Fund is a trust that pools the savings of a number of investors
who share a common financial goal. The money thus collected is invested
by the fund manager in different types of securities depending upon the
objectives of the scheme. Mutual funds cannot guarantee a fixed rate of
return. It depends on the market condition. If a particular scheme is
performing well then more return can be expected. It also depends on the
fund managers’ expertise and knowledge. The present study is aimed to
examine the performance of mutual fund managers on the basis of
selectivity and market timing abilities in security market. However, the
majority of the selected mutual fund managers do not possess market
timing ability rather they are relying a little bit on stock selection.
Similar to Global Macro Hedge Fund Strategy Paper (20)
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...
Global Macro Hedge Fund Strategy Paper
1. Customized Hedge Fund Portfolio Solutions for Advisors
H E D G E F U N D S T R AT E G I E S
Global Macro
Q2 2013
2. Customized Hedge Fund Portfolio Solutions for Advisors
Introduction
Global Macro
Hedge Fund
Strategy
The global macro hedge fund strategy is one of the more op-
While global macro and equity long/short managers may both
portunistic and unconstrained hedge fund strategies whereby
invest in equity securities, the prevailing thesis underpinning a
managers canvass the global economic landscape and seek to
particular investment for a global macro manager is the impact
profit from macroeconomic imbalances and geopolitical events.
a movement in underlying macroeconomic variables may have
Global macro managers pursue a top down investing approach
and trade a broad range of strategies in which the investment
process is predicated on movements in underlying economic
on a security price. This is in contrast to an equity long/short
manager where fundamental characteristics of a company are
central to the investment thesis.
variables and their potential impact on equity, fixed income,
Global macro managers are largely active in liquid trading
currency, and commodity markets. Global macro managers
markets, which offers the ability to quickly exploit opportunities
can execute the strategy in a number of ways, including on a
as they present themselves in the global capital markets. The
discretionary or systematic basis, through a sole risk-taker or
unconstrained mandate and “nimbleness” of global macro man-
multi-manager platform approach, and/or over a long or short
agers has produced attractive absolute and risk-adjusted returns
term holding period.
over multiple time periods. Additionally, global macro managers
In addition, global macro hedge funds can pursue directional
or relative value trading strategies. With a directional trading
strategy, the manager takes a directional view that the market or
trading instrument will increase or decrease in value whereas a
global macro relative value strategy is predicated on the potential future movements in underlying instruments.
Q2 2013
generally exhibit low correlation to traditional asset classes and,
therefore, incorporating the strategy into a portfolio of stocks and
bonds has the potential to enhance overall returns while also
decreasing the level of risk assumed.
3. Customized Hedge Fund Portfolio Solutions for Advisors
What are
Global
Macro
Funds?
Global macro hedge funds employ a top-down investment approach and generally analyze macroeconomic variables, such as a country’s GDP growth trends, inflation expectations, employment levels, and money supply, in order to assess the potential pricing
impact a change in one or more of these variables would have on a region’s equity,
sovereign debt, commodity, and/or currency markets.
Many global macro hedge funds—particularly institutional-quality global macro hedge
funds—not only employ a team of seasoned traders but also a team of economic researchers and distinguished economists who evaluate the investable economic landscape.
In addition, it is not uncommon for institutional-quality managers to retain the services
of prominent economic and political policymakers who have a history of government
service and are able to provide access to current officials and policy-setters. For instance, Lawrence Summers, the former Secretary of the Treasury, currently serves as a
consultant to D.E. Shaw & Co. and Sushil Wadhwani, a former member of the Monetary Policy Committee of the Bank of England, is
currently a partner with Caxton Associates.
The research process is further aided by the ability of institutional-quality managers to support a global presence, which allows for a
microeconomic perspective to a region’s macroeconomic environment. With global macro managers conducting top-down economic
research across multiple regions, as well as evaluating various financial instruments in search for the greatest risk/reward tradeoff,
global macro funds will dynamically shift their exposures to the most compelling opportunities. As such, the strategy is known for its
unconstrained mandate and its performance is largely independent of some ancillary event such as deal flow (i.e., merger arbitrage) or
adequate issuance supply (i.e., convertible bond arbitrage).
Q2 2013
4. Customized Hedge Fund Portfolio Solutions for Advisors
Global Macro Sub-Strategies
The global macro strategy can be pursued using a discretionary or systematic approach.
Discretionary
vs. Systematic
A discretionary global macro manager conducts detailed macroeconomic research and generally aims to uncover a select number of investment themes that offer the potential to contribute
positively to returns. Institutional-quality hedge funds that predominantly pursue a discretionary global macro approach include Brevan Howard, Caxton Associates, Fortress Investment
Group, and Moore Capital Management.
A systematic global macro manager utilizes proprietary computer algorithms and predefined trading rules to execute buy and sell orders. Institutional-quality hedge funds that exclusively or in part pursue a systematic global macro strategy include Two Sigma Advisors
and D.E. Shaw & Co.
Directional vs.
Relative Value
Global macro hedge funds can also take a directional and/or a relative value approach to
global macro investing.
A directional trade is characterized by the manager taking a directional view that a particular
market will increase or decrease in value. A recent example of a relevant directional global
macro trade would be the short Japanese Yen trade that several global macro managers have
initiated as a result of the newly elected Prime Minister, Shinzo Abe, urging for more aggressive monetary policy actions to spur growth.
With a relative value trade, the manager attempts to exploit pricing inefficiencies between financial instruments. For example, with
regards to interest rate trading strategies, a global macro manager may seek to profit from the shape of the yield curve in which the
spread between two maturities is increasing. To effectively capture this change in spread, the manager would take a long position in
the shorter maturity to capitalize on prices increasing (i.e., falling rates) and a short position in the longer maturity in order to capitalize
on prices falling (i.e., rising rates). This relative value strategy is known as a curve steepener trade. Conversely, the manager would
implement a curve flattener trade if the spread between the two maturities was expected to decrease.
The global macro strategy has undoubtedly evolved since the days when notable macro trad-
Multi-Manager
vs. Single Risk
Taker
ers like Louis Moore Bacon of Moore Capital Management and Paul Tudor Jones of Tudor
Investment Corp. dominated the industry. Although these notable macro traders still remain
actively involved and hold trading authority, the organizations that these and other luminaries
represent have largely developed into multi-manager platforms that offer diversification across
risk-takers, strategies, and regions.
Many distinguished global macro traders have essentially transitioned into a chief investment
officer role where they can apply their trading acumen and experience to the capital allocation process in order to determine the
appropriate amount of capital an underlying trader should oversee. In some select cases, the firm’s CIO may elect not to maintain any
trading allocation in the fund. In these instances, the objective of the firm is to minimize occurrences where an underlying manager
would feel compelled to subscribe to their CIO’s macro viewpoint, which potentially could have the negative consequence of increasing
the pairwise correlation of the underlying managers.
Institutional-quality hedge funds in which investment decisions reside with a limited number of risk-takers include the Fortress Macro
Fund and the Moore Remington Fund. The more prevalent multi-manager platform approach is pursued by a number of institutional-quality funds including the Caxton Global Fund, the Graham Discretionary Fund, and the Moore Macro Managers Fund.
Q2 2013
5. Customized Hedge Fund Portfolio Solutions for Advisors
The Advantages of
Macro Funds
Performance Evaluation
DJCS Global Macro HF Index - 10 Year
Annualized RoR
Cumulative Value
Max Drawdown
% Months Positive
-14.94%
9.59%
Std. Deviation
76.42%
Global Macro HF Index—have historically delivered attractive absolute and relative returns over the course of
multiple time periods.
funds have returned 9.6% with a volatility of 5.3%, which
Sortino Ratio
Correl to S&P 500
translates into an attractive Sharpe ratio of 1.44. In comparison, the S&P 500 over the same time period returned
255.72
5.8% with a volatility of 14.7% and a Sharpe ratio of 0.35.
1.44
Q2 2013
Global macro hedge funds—as represented by the DJCS
For instance, over the past 10 years, global macro hedge
5.33%
Sharpe Ratio
Attractive Absolute &
Relative Returns
0.61
0.28
6. Customized Hedge Fund Portfolio Solutions for Advisors
Liquidity as a Source of Alpha
Global macro hedge funds are recognized for being one of
ager lost -4.6% on the year and experienced a drawdown of -14.9%.
the more liquid hedge fund strategies as they participate in a
This performance handily outshines that of the broad equity markets
number of actively traded markets. This liquidity, as well as their
which saw the S&P 500 decline -38.5% and generate a drawdown
unconstrained mandate, can be a source of alpha as global
of over 50% during the crisis.
macro managers are able to swiftly adjust exposures and seek
to exploit opportunities as they develop globally.
Similar trends can be found during the 2000-2003 bear market as
well. As Table 1 illustrates, global macro managers have generally
This level of nimbleness also offers global macro managers
generated positive performance across the 10 worst quarters for the
the ability to preserve capital in periods of stress. For instance,
S&P 500.
during the 2008 financial crisis the average global macro man-
Table 1:
Performance of DJCS Global Macro Index During Top 10 Worst Quarters for S&P 500 Performance
Q4-2008
Q3-2002
Q3-2001
Q3-2011
Q2-2002
Q1-2001
Q2-2010
Q1-2009
Q3-1998
Q1-2008
7.20%
4.18%
2.89%
4.42%
3.95%
Average
6.88%
1.58%
2.58%
2.30%
-2.60%
-14.98%
-14.33%
-13.74%
-12.12%
-11.67%
-11.86%
-8.09%
-9.93%
-10.30%
-13.91%
- 17.63%
S&P 500
-22.55%
19.95%
21.81%
17.87%
18.75%
Performance Differential
17.69%
19.32%
13.44%
DJCS Global Macro Index
14.24%
2.22%
16.81%
16.21%
Table 2:
Performance of DJCS Global Macro Index During Top 10 Worst Quarters for HF Performance
Q3-2008
Q4-2008
Q3-1998
Q3-2011
Q3-2001
Q3-2002
Q1-2008
Q4-2000
Q2-2012
Q2-2010
Average
10.23%
6.88%
4.42%
-2.60%
-9.60%
-9.19%
- 4.03%
-6.76%
-8.09%
-8.80%
-10.34%
-0.74%
Q2 2013
6.59%
2.89%
0.71%
11.81%
4.18%
3.95%
0.77%
1.58%
-3.85%
-3.44%
-3.26%
-2.83%
HFRI Fund Weighted
Performance Differential
6.92%
8.03%
10.33%
13.49%
-2.67%
-5.44%
DJCS Global Macro Index
1.40%
4.24%
6.21%
7. Customized Hedge Fund Portfolio Solutions for Advisors
Low Correlation To Traditional Asset Classes
The nimbleness of global macro managers has largely
allowed them to side step market drawdowns and
has aided them in the ability to generate returns that
are not highly correlated to traditional asset classes.
These low correlation properties translate into diversification benefits when added to a traditional portfolio of
DJCS Global Macro Index
vs. Other Major Indices
Correlation Matrix (10yr)
Global Macro
MSCI World
0.37
S&P 500
0.28
Global Macro Index decreased the portfolio’s volatility
Barclays U.S. Aggregate Bond Index
0.29
by 170bps, boosted returns by over 100bps, and pro-
HFRI Fund Weighted Index
0.58
60% stocks and 40% bonds.
As highlighted in Table 3, a 25% allocation to the DJCS
vided 729bps of downside protection.
Table 3:
Statistics of a Traditional Portfolio With 25% DJCS Macro vs. Traditional Portfolio
Traditional Portfolio W / DJCS 25%
From: January 2003 To: March 2013
Traditional Portfolio
From: January 2003 To: March 2013
Annualized ROR
6.84%
5.79%
Std. Deviation
7.27%
8.97%
-26.56%
-33.85%
67.48%
65.04%
Max Drawdown
Percent Months Positive
Cumulative Value
197.05
178.12
Sharpe Ratio
0.72
0.49
Sortino Ratio
0.43
0.21
Asymmetry (Skewness)
-1.19
-0.95
Peakedness (Kurtosis)
4.30
3.02
Q2 2013
9. Customized Hedge Fund Portfolio Solutions for Advisors
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Crystal Capital Partners, LLC
1111 Kane Concourse, Suite 404
Bay Harbor Islands, FL 33154
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F. (305) 868 - 1595
www.crystalfunds.com
Q2 2013