Man Group's Swiss Life Managed Futures Strategies fund of hedge funds has come top in a new Bloomberg Markets magazine ranking, the news provider revealed this week.
In the September 2003 issue of the magazine, the Best Hedge Funds of Funds report, compiled by Katherine Burton, ranked the top 20 such funds outside the United States with total assets of at least $20 million. According to Bloomberg, Swiss Life reaped a 37.7% return for the year ended May 30, whereas over the same period, the S&P 500 Index declined by 8%.
Man Group's Swiss Life fund was closely followed in the ranking by the Friedberg Global-Macro Hedge Fund Ltd, and the GAM Trading Fund II.
All three of the top performing funds surveyed are macro funds, which bet on macroeconomic trends such as the movement of exchange rates, or the direction of interest rates.
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