GAM's Hepworth: Global macro funds set for turnaround

Global macro funds could receive a performance boost following a difficult year, as divergent central bank policies create a favourable environment for top-down investing, according to GAM's Charles Hepworth.

Hepworth (pictured), investment director in charge of GAM’s discretionary fund management service, said global macro strategies that were particularly badly hit in 2014 should bounce back this year. “It is certainly easier [for these funds to perform] when there are different policies by central banks. These are ideal conditions in which to manage money for them, so a turnaround should be coming.” Hepworth himself only holds one pure global macro fund, the Odey Odyssey fund managed by Tim Bond. It has consistently beaten the average return of the offshore Mixed Asset Flexible sector s...