Macro Hedge Funds Lead the Pack in May – But Lyxor Urges Caution on Oil Rally (Hedge Week) Global macro managers have outflanked the rest of the hedge fund pack in recent weeks, with discretionary funds and emerging markets-focused strategies building momentum as markets recovered and oil prices rebounded, new analysis by Lyxor Asset Management shows. Global macro strategies rose 2.4 per cent last month, as discretionary funds and managers trading emerging market strategies seized on the recent trend reversals across risk assets during Q2, Lyxor’s cross-asset research team said. By maintaining or increasing risk in portfolios during March’s historic sell-off, EM and discretionary macro funds were able to outperform their systematic counterparts, said the note, which was compiled by senior strategists Philippe Ferreira and Jean-Baptiste Berthon, and hedge fund analyst Pierre Carreyn.