Strategy

Global macro hedge funds

Global macro hedge funds trade across asset classes based on views about interest rates, currencies, inflation, growth, commodities, monetary policy, and geopolitical events.

298fund profiles
$1.0Treported gross assets
$3.5Baverage gross assets
Strategypage type

SEO research brief

What global macro hedge funds means

Discretionary macro managers express views through futures, swaps, options, sovereign bonds, currencies, and equity indices.

Systematic macro managers use models to identify trends, carry, relative value, and cross-asset signals.

Data caveat

What the filings show

The data is best read as a disclosure map. Reported gross asset value is not the same as performance, net assets, investor capital, or a recommendation. Fund rows can include offshore master funds, Delaware vehicles, feeders, and internal sleeves.

Lmr Alpha Rates Trading Master Fund Limited is the largest sampled vehicle on this page at $235.2B.

Visual snapshot

Concentration and mix

Manager concentration

Lmr Partners LLC $235.2B
Rokos Capital Management Llp $226.0B
Balyasny Asset Management L.P. $182.9B
Alphadyne Asset Management LP $86.2B
Graham Capital Management, L.P. $31.1B
Pacific Investment Management Company LLC $28.1B

Office clusters

New York, New York, United States $423.9B
London, United Kingdom $262.6B
Chicago, Illinois, United States $182.9B
Rowayton, Connecticut, United States $31.1B
Newport Beach, California, United States $28.1B
Miami, Florida, United States $17.5B

Strategy guide

How the strategy works

Discretionary macro managers express views through futures, swaps, options, sovereign bonds, currencies, and equity indices.

Systematic macro managers use models to identify trends, carry, relative value, and cross-asset signals.

Risk management focuses on scenario analysis, liquidity, leverage, and regime changes.

History and context

Macro investing became famous through large currency and rates trades in the 1980s and 1990s, then evolved into a broader institutional strategy spanning discretionary and systematic approaches.

Ranked profiles

Largest funds in this group

60 rows shown

Fund Manager Location Gross assets Minimum
Lmr Alpha Rates Trading Master Fund Limited Lmr Partners LLC New York, New York, United States $235.2B $500K
Rokos Global Macro Master Fund LP Rokos Capital Management Llp London, United Kingdom $226.0B $10.0M
Atlas Macro Master Fund, Ltd. Balyasny Asset Management L.P. Chicago, Illinois, United States $182.9B $0
Alphadyne Global Rates Master Fund, Ltd. Alphadyne Asset Management LP New York, New York, United States $86.2B $1.0M
Graham Macro Strategic Ltd. Graham Capital Management, L.P. Rowayton, Connecticut, United States $31.1B $0
Capula Tactical Macro Master Fund Limited Capula Investment Management Llp London, United Kingdom $24.2B $5.0M
Kirkoswald Global Macro Master Fund Limited Kirkoswald Asset Management LLC New York, New York, United States $21.2B $10.0M
Pimco Tactical Opportunities Master Fund Ltd. Pacific Investment Management Company LLC Newport Beach, California, United States $16.8B $5.0M
New Holland Tactical Alpha Fund LP New Holland Capital, LLC New York, New York, United States $13.0B $5.0M
Wellington Macro Strategies Master Fund (cayman) L.P. Wellington Alternative Investments Boston, Massachusetts, United States $9.2B $5.0M
Citadel Tactical Investors II LLC Citadel Advisors LLC Miami, Florida, United States $8.1B $10.0M
Citadel Tactical Master Fund Ltd. Citadel Advisors LLC Miami, Florida, United States $8.1B $0
Systematica Macro Rv Master Fund Limited Systematica Investments Limited St Helier, Jersey $8.0B $1.0M
Brevan Howard Mb Macro Master Fund Limited Brevan Howard Capital Management, LP St Helier, Jersey $7.3B $5.0M
Fulcrum Funds Spc II - Fulcrum Sh Macro Fund Sp Fulcrum Asset Management Llp London, United Kingdom $6.7B $500K
Btg Pactual Rates Master Fund LTD Btg Pactual Asset Management US , LLC New York, New York, United States $6.7B $1.0M
Pharo Macro Fund, Ltd. Pharo Management, Inc. New York, New York, United States $5.7B $5.0M
Pimco Global Inflation Linked Bond Fund Ltd. Pacific Investment Management Company LLC Newport Beach, California, United States $5.6B $100.0M
Highbridge Tactical Credit Master Fund, L.P. Highbridge Capital Management, LLC New York, New York, United States $5.5B $100K
Blackstone Tactical Opportunities Fund IV L.P. Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $5.4B $13K
Btg Pactual Global Rates Master Fund, LP Btg Pactual Asset Management US , LLC New York, New York, United States $5.0B $100K
Pimco Tactical Opportunities Offshore Fund L.P. Pacific Investment Management Company LLC Newport Beach, California, United States $4.4B $5.0M
Bridgewater U.s. Inflation-Linked Bond Fund Trading Company, Ltd. Bridgewater Associates, LP Westport, Connecticut, United States $4.4B $100K
Blackstone Tactical Opportunities Fund III L.P. Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $4.0B $250K
Levered Global Inflation Linked Bond Fund Bnp Paribas Asset Management USA, Inc. New York, New York, United States $3.8B $100K
Bridgewater Aia Labs Macro Trading Company II, LP Bridgewater Associates, LP Westport, Connecticut, United States $3.7B $10.0M
Oha Tactical Investment Master Fund, L.P. Oak Hill Advisors, L.P. New York, New York, United States $3.5B $10.0M
Bridgewater Aia Labs Macro Trading Company, LP Bridgewater Associates, LP Westport, Connecticut, United States $3.3B $10.0M
Agave Global Macro Master Fund Limited Agave Capital Management Limited London, United Kingdom $3.2B $100K
Goldentree Tactical Opportunities Master Fund I LP Goldentree Asset Management LP New York, New York, United States $3.1B $1.0M
Trutino Relative Value Rates Master Fund LP Trutino Capital Management, LLC New York, New York, United States $2.9B $5.0M
Complus Asia Macro Master Fund LTD Complus Asset Management Limited Hong Kong, Hong Kong $2.8B $1.0M
Blackstone Tactical Opportunities Fund II L.P. Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $2.6B $333K
Goldman Sachs Tactical Tilt Overlay Portfolio Goldman Sachs Asset Management International London, United Kingdom $2.6B $250K
Southern Ridges Summit Master Macro Fund Southern Ridges Capital Pte. Ltd. Singapore, Singapore $2.5B $5.0M
Saluda Grade Tactical Credit Holdings LLC Saluda Grade Asset Management LLC New York, New York, United States $2.2B $500K
Sculptor Tactical Credit Master Fund I, LP Sculptor Capital LP New York, New York, United States $1.9B $10.0M
Blackstone Tactical Opportunities Fund IV - Lux Scsp Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $1.9B $500K
Brevan Howard Fg Macro Master Fund Limited Brevan Howard Capital Management, LP St Helier, Jersey $1.8B $5.0M
Fcoi II Currency Class Fund, Ltd. Farallon Capital Management, LLC San Francisco, California, United States $1.7B $50.0M
Tenaron Capital Macro Master Fund Ltd. Tenaron Capital Management LP New York, New York, United States $1.7B $25.0M
Heath Tactical Strategies Fund Ltd. Blackrock Financial Management, INC New York, New York, United States $1.7B $125.0M
Wilshire Mk Spc - Cmap Macro Mk Fund Sp Wilshire Santa Monica, California, United States $1.5B $50.0M
Highbridge Tactical Credit Fund, L.P. Highbridge Capital Management, LLC New York, New York, United States $1.5B $5.0M
Quantitative Tactical Aggressive Fund Master Ltd. Quantitative Investment Management, LLC Charlottesville, Virginia, United States $1.5B $500K
Citadel Tactical Trading LLC Citadel Advisors LLC Miami, Florida, United States $1.3B $10.0M
Highbridge Tactical Credit Fund, Ltd. Highbridge Capital Management, LLC New York, New York, United States $1.3B $5.0M
Pimco Tactical Opportunities Onshore Fund L.P. Pacific Investment Management Company LLC Newport Beach, California, United States $1.2B $5.0M
Wilshire Ch Spc - Cmap Macro Ch Fund Sp Wilshire Santa Monica, California, United States $1.1B $50.0M
Blackstone Tactical Opportunities Fund - Pq L.P. Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $1.1B $800.0M
Astignes Asia Rates Master Fund Ltd. Astignes Capital Asia Pte. Ltd. Singapore, Singapore $1.1B $1.0M
Blackstone Tactical Opportunities Fund III - Lux Scsp Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $1.1B $500K
Highbridge Tactical Credit Institutional Fund, Ltd. Highbridge Capital Management, LLC New York, New York, United States $1.1B $5.0M
Blackstone Tactical Opportunities Fund V L.P. Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $991.5M $2.0M
Blackstone Pti Fund L.P. Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $964.8M $55K
Modular Asian Macro Master Fund Ltd. Modular Asset Management (singapore) Pte LTD Singapore, Singapore $931.0M $5.0M
Wms Spc - Cmap Macro Wl Fund Sp Wilshire Santa Monica, California, United States $925.9M $50.0M
Blackstone Tactical Opportunities Fund - Fd L.P. Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $891.8M $500.0M
Blackstone Tactical Opportunities Fund (ls Co-Invest II) L.P. Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $882.7M $500K
Blackstone Tactical Opportunities Fund III - F L.P. Blackstone Tactical Opportunities Advisors LLC New York, New York, United States $868.5M $700.0M

FAQ

Questions about this page

What makes macro different from equity long/short?

Macro starts with economy-wide variables such as rates, currencies, inflation, and policy. Equity long/short usually starts with company-level fundamentals and valuation.

Can a macro fund be systematic?

Yes. Many macro funds blend discretionary judgment with quantitative trend, carry, valuation, or relative-value models.

Which managers appear in the Global macro hedge funds sample?

The largest sampled managers include Lmr Partners LLC, Rokos Capital Management Llp, Balyasny Asset Management L.P., and Alphadyne Asset Management LP. This is based on reported gross asset value in the generated Form ADV dataset.