Bringing you live news and features since 2006 

Bill Lipschutz, Hathersage Capital Management

Hathersage Capital Management – Best Macro CTA

RELATED TOPICS​

Hathersage Capital Management LLC is a global macro manager founded in 1991. Employing a discretionary global macro philosophy which it applies strictly to G10 currencies, the firm takes directional market views using interbank spot, forwards and options. 

"Unlike equity and fixed income markets, the drivers affecting currency pair valuations can change very quickly," comments Bill Lipschutz, principal, CIO and head of portfolio management. "Uncertainty, creates opportunities for skilled discretionary managers. Hathersage takes exposures that can be structured with return asymmetry and, at all times, actively manages positions no matter market conditions."    

The strategies offered by Hathersage express trade ideas that are based on drivers such as a fundamental analysis of economic relationships, financial market expectations, political events and momentum.

Hathersage presents two distinct approaches: one strategic that focuses on intermediate to long-term global macro themes; and a second tactical that focuses on short-term momentum indicators. The two strategies are available on the dbSelect Liquid Alternatives Platform, while modified versions of both are available on the Citi Macro Access Managed Investment Platform.

Hathersage applies a consistent process and at all times stays true to its expertise, which Lipschutz says is essential in achieving strong performance. Indeed, FX markets can turn on a dime, "so staying nimble and reactionary allows us to be opportunistic in the short term, while sticking to a core strategic view in the intermediate term", he says, adding that risk is not taken "unless there is strong belief that the potential return warrants it". 

Hathersage's portfolio management team systematically gathers, filters and analyses macro and micro market information from a variety of sources to generate the directional views in both approaches. On dbSelect, the Hathersage Long Term Currency Strategy has generated 10.04% annualised returns, while the Hathersage Daily Currency Strategy has generated 6.71% returns since both their inclusion from the platform's inception in March 2005. 

On Citi, the G10 Macro Access Strategy has generated 20.15% annualised returns since its inclusion from the platform's inception in August 2011. The G10 Daily Access Strategy, over the same period, has generated 13.09% annualised returns. 

Over the five-year period spanning August 2011 through August 2016, the strategies are the top two performers on the Citi Macro Access Platform. Whilst acknowledging the importance of its long-term track record, Lipschutz says it is Hathersage's ability "to consistently deliver absolute return not correlated to equity markets that distinguishes us from other Macro managers".

This year, Hathersage's Daily Currency and G10 Daily Access strategies have fared better than its Long Term strategies, the latter posting double-digit returns through August. This is most clearly explained by the recent market micro environment, which has favoured a short-term opportunistic response to news and events. 

"Trading in non-GBP cash currencies around Brexit put in a strong performance and helped the Daily portfolios post robust gains in the month of June. Our Long Term portfolios on the other hand, rely on different drivers in taking a bigger picture view of the markets. As a result, the two approaches exhibit a low correlation with each other and are expected to display varying results," explains Lipschutz. 

On winning this year's award, Lipschutz comments: "As a foreign exchange specialist, sometimes we fly under the radar, so it is particularly gratifying to win this year's award."

Latest News

Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..
Confidence in the continuing strength of bitcoin and Ethereum is driving wider interest in altcoins and other digital assets, according..

Related Articles

Sal Esposito, Zacks Investment Management
Zacks Investment Management started doing investment research in 1978 and in 1992 started its investment management arm, initially with SMAs...
Jeremy Senderowicz, Vedder Price
Jeremy Senderowicz, a member of the Investment Services Group at law firm Vedder Price, has witnessed a steady upswing in...
Graham MacKenzie, Toronto Stock Exchange
The evolution of ETFs has been a multi-decade experience for Toronto Stock Exchange says Graham MacKenzie, managing director, Exchange Traded...
Frank Koudelka, State Street Global Services
ETF data provider and ETF Express data partner, Trackinsight, has published its Global ETF Survey 2024 Report: ‘50+ Charts on...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by