Hedge funds split in 2020, with trend funds struggling and macro funds seeing positive returns.

From Yahoo Finance: 2025-06-13 01:03:00

Hedge fund returns in 2020 show a split between systematic funds down over 11% and discretionary funds up 7%. Trend funds struggled with changing market trends. European and U.S. stocks fluctuated due to Trump’s decisions. Worst positions included U.S. Treasuries and coffee.

Macro hedge funds had positive returns in 2020. Rokos Capital Management and EDL Capital saw gains, while Brevan Howard’s Alpha Strategies was up. Managed futures traders average 7.2% annual return. Managed futures are used defensively. Some large hedge funds have both macro and trend funds.

Man Group’s systematic AHL Alpha Programme is down 10.6% but its multi-strategy fund is up. AQR Capital Management posted a 10.6% return in its multi-strategy Apex fund. Graham Capital Management’s Multi-Alpha Opportunity fund had a 9% return. Founder Ken Tropin advises against overreacting to market reversals.

Discretionary macro strategies had mixed results in May. Positions in stocks, euro, and yen boosted performance, while certain fixed income trades hurt. Adam Singleton of Man Group noted the challenges and successes in the market. Markets swung back, narrowing the gap between different hedge fund strategies.

Read more: Analysis-Trend hedge funds struggle as more nimble macro funds embrace whipsawing markets