Woodbine Capital Suffers A Tough August Along With Other Macro Funds

Woodbine Capital had a tough August. The fund was down 4.6 percent in the last month, which has plummeted the YTD returns down to -0.78 percent. The fund was doing no wrong in the UK and given the dovish outlook of the Bank of England, was positioned on the long side of interest rates and equities. However, despite Mark Carney’s assertion that interest rates will remain unchanged, markets chose to focus on the UK’s stronger growth data and, as a result, yields climbed and GBP strengthened, hurting both of the fund’s positions. Global macro funds lose in August Global macro…