Rubicon Macro Fund Said To Be Down -33% YTD

Sep 22 2017 | 7:25pm ET

The flagship macro fund at Paul Brewer’s Rubicon Fund Management is reportedly down an extraordinary 33% so far this year.

The results were first reported Thursday by Business Insider, which cited an investor letter. Earlier this year, Brewer chalked up losses in the Global Fund to incorrect positioning in global currencies, although it was not clear if that was still the cause of the fund’s poor YTD performance. 

Discretionary macro funds typically bet on long-term economic trends via bets in global equity, bond, commodity and currency markets, but the niche has been challenged in recent years by a persistently low level of interest rates and diminishing volatility among asset classes. 

The Rubicon fund returned +7.3% in 2016, outperforming both hedge funds in general and its macro peer group in particular. It was among the funds that were positioned correctly to profit from Donald Trump’s surprise victory in the U.S. presidential election in November, gaining nearly 20% in the first 18 days of the that month to erase a 15% loss carried through the first ten months of the year. 

Rubicon’s smaller Dynamic fund, meanwhile, is reportedly up 13.14% for the year through August, Business Insider continued, driven primarily by strong performance from emerging market positions. 

London-based Rubicon was co-founded by Brewer and Anthony Leitch in 1999. 

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