For hedge funds with more than $1 billion under management, the two best-performing funds were both macro. Balestra Capital, the fund run by Jim Melcher, was up 8.65% in August and year-to-date up 3.11%, followed by Ray Dalio’s Bridgewater Associates, which was up 7.39% in August, with a year-to-date return of 24.44%.
In the grouping of hedge funds that manage between $500 million and $1 billion, macro funds made up four of the five best-performing funds in August. They were led by Toronto-based Niagara Capital Partners, which was up 16.22% and year-to-date up 30%, followed by Conquest Capital Group, which was up 7%, although it was still down almost 15% for the year-to-date.
The best-performing macro hedge fund overall was Bearing Asset Management, which was up 20.81% over the month.