Pharo Macro Gains From Short MXN, US Treasuries; Long Greek Debt

Pharo Macro Fund, AUM $1.8 billion,  fared better than several of its peers with a 2.38 percent return in May, bringing the year to date performance to +9.98 percent. Pharo has the largest exposure in global interest rates and forex market with positions in both the emerging and developed economies. Investors Rushed To Sell Their Assets May marked the beginning of the shaky period for financial markets and Pharo suffered in its interest rates and forex holdings in EMs which took a beating as investors rushed to sell their assets. The same dynamic helped the fund to net gains in its short…