BTG, Autonomy, Pivot Macro Funds Buck Trend To Gain

Oct 3 2012 | 12:25pm ET

Three top macro funds have one thing in common with each other and not with their peers: They're making money, consistently, this year.

Macro funds run by Autonomy Capital Research, BTG Pactual and Pivot Capital Management have all defied the difficult macro environment. And all did it in different ways.

BTG Pactual's Global Emerging Markets & Macro Fund is up 17% this year through August, Bloomberg News reports. The US$3 billion fund, which returned just 3.4% last year, profited from its bets on emerging-market interest rates and U.S. mortgage securities.

Autonomy's US$2.8 million Global Macro Fund has earned its 10% in the first eight months of the year in Latin America, betting on rates in that region. The Autonomy fund rose 14% last year.

Finally, Monaco-based Pivot Capital Management's US$1.7 billion macro fund has followed up its 17% return last year with a  6% return through August this year. Pivot's big wins came in Australia, where it bet on lower rates.

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