Best Discretionary Global Macro Fund-of-Hedge-Funds

Built for long-term capital growth and protection across market environments. The Crescat Global Macro Hedge Fund is a flagship, cross-asset strategy designed to capitalize on major new macroeconomic trends. Invests across global equities, commodities, currencies, and fixed income—both long and short—to deliver high-conviction, uncorrelated returns through strategic and tactical exposure to Crescat’s investment themes.

• 20-Year Audited Track Record: Category-leading annualized net return since 2006 across multiple market cycles.
• Low Correlation to Traditional Benchmarks: Provides diversification during market downturns and regime shifts.
• Active, High-Conviction Positioning: Multi-asset portfolio built around forward-looking macro themes.
• Strong Performance in Bear Markets: Demonstrated strength in down markets with category-leading negative downside capture.
• Global Opportunity Set: Ability to position long and short across geographies, sectors, and asset classes.

• Valuations Are Stretched: U.S. equity markets appear historically overvalued amid elevated potential recession signals.
• Thematic Rotation Is Underway: Investors are moving away from over-owned mega-cap tech into undervalued, inflation-protected sectors.
• Commodities Are Just Getting Started: Unique exposure to activist precious and critical metals investments.
• Shorting Opportunities Abound: Actively seeks to profit from speculative excess in overvalued sectors.
• Positioned for an Inflationary Decade: Models point toward long-term structural inflation and a declining US dollar.

• Minimum Investment: Main Class $500,000; Institutional (Class 2) $1 Million; Institutional (Class 1) $5 Million
• Management Fee: Main Class 2%; Institutional (Class 2) 1.5%; Institutional (Class 1) 1.25%
• Incentive Allocation: Main Class 20%; Institutional (Class 2) 15%; Institutional (Class 1) 12.5%
• High Water Mark: Yes
• Liquidity: Monthly; 3-year partial lock-up. May redeem 25% of the account after Year 1 and Year 2.
• Notice: 90 days
• Payout Period: 120 days
• Administrator: NAV Consulting
• Prime Broker: JP Morgan, Canaccord, RJO’Brien
• Custodian: JP Morgan, Canaccord, RJO’Brien
• Auditor: Deloitte
• GIPS Verifier: Ashland

Performance table comparing CGMF, CGMF Ex SP, HFRX GL, and S&P500 over 1, 5, 10 years and since inception.

• 1-Yr: CGMF 33.3%, CGMF Ex SP 36.9%, HFRX GL 3.3%, S&P500 12.1%
• 5-Yr: CGMF 9.4%, CGMF Ex SP 10.0%, HFRX GL 3.7%, S&P500 15.6%
• 10-Yr: CGMF 4.9%, CGMF Ex SP 5.2%, HFRX GL 1.8%, S&P500 12.3%
• Since Inception (8/1/20): CGMF 10.1%, CGMF Ex SP 10.3%, HFRX GL 1.3%, S&P500 10.2%
• Past performance does not guarantee future results.

Discussion and details provided are for informational purposes only. Not an offer to sell or solicitation to buy. Performance data represents past performance and does not guarantee future results. Performance data, including Estimated Performance, is subject to revision. Individual performance may vary. Net returns reflect reinvestment of dividends and deduction of all expenses and fees. Ex-Side Pocket Performance figures exclude the SCM Side Pocket after July 1, 2024. Category-leading status is based on eVestment database as of 11/30/2025. Investors should review the offering memorandum and disclosures.

Bridgewater Associates is a premier asset management firm, focused on delivering unique insight and partnership for the most sophisticated global institutional investors. Our investment process is driven by a tireless pursuit to understand how the world’s markets and economies work — using cutting edge technology to validate and execute on timeless and universal investment principles. Founded in 1975, we are a community of independent thinkers who share a commitment for excellence. By fostering a culture of openness, transparency, and inclusion, we strive to unlock the most complex questions in investment strategy, management, and corporate culture.

Bridgewater Associates, LP is a global investment management firm. Bridgewater Associates, LP advises certain private investment funds and institutional clients, and is not available to provide investment advisory or similar services to most other investors. This website is a resource for audiences other than investors such as potential employees, researchers, students, counterparties and industry participants. Under no circumstances should any information presented on this website be construed as an offer to sell, or solicitation of any offer to purchase, any securities or other investments. This website does not contain the information that an investor should consider or evaluate to make a potential investment. Offering materials relating to investments in entities managed by Bridgewater Associates, LP are not available to the general public.

• I am entering this website only to obtain general information regarding Bridgewater Associates, LP and not for any other purpose.
• I understand that investments managed by Bridgewater Associates, LP are not available to the general public.
• I understand that this website does not contain the information I would need to consider for an investment, and that such information is only available to a limited group of persons and institutions meeting specified criteria.
• I understand that this website has not been reviewed or approved by, filed with, or otherwise furnished to any governmental or similar authority, and is intended only to provide limited information to members of the public who have a legitimate interest in that information for reasons unrelated to making investments.
• I understand that when Bridgewater Associates, LP makes third party information available, Bridgewater generally will not have verified statements made by the third party, and the presentation of information may omit important information.
• I understand that third party materials such as live interviews made available by Bridgewater Associates, LP generally will not have been edited by Bridgewater and statements in those materials by individuals associated with Bridgewater should be understood in the conversational context in which they were made, which may include providing historical background.
• The content constitutes the proprietary intellectual property of Bridgewater or its licensors and that I will not directly or indirectly copy, modify, recast, create derivative works, post, publish, display, redistribute, disclose, or make available the content, in whole or in part, to any third parties, or assist others to do the same, or otherwise make any commercial use of the content without the prior written consent of Bridgewater.

Portfolio allocation across hedge fund strategies with the goal of consistent returns across market environments.

Allocation intended to generate consistent returns and outperform in more volatile environments.

Brevan Howard is a leading global alternative investment management platform, specializing in global macro and digital assets, managing assets for institutional investors worldwide.

• Founded in 2002
• Over 1050 team members
• 145+ Portfolio Managers
• 9 global hubs

Key differentiators include extraordinary people, best-in-class technology, diversified investment products, outstanding macro analysis, structuring expertise, and excellence in risk management.

• Extraordinary People
• Best-in-Class Technology
• Diversified Investment Products
• Outstanding Macro Analysis
• Structuring Expertise
• Excellence in Risk Management

Combines directional, relative value, and derivative trading strategies. Three core pillars: macro thinking, trade structuring, and risk management.

• Macro Thinking: global macro research, debate, non-consensus views
• Trade Structuring: convex trades, options, stop losses
• Risk Management: quantitative and qualitative, stress tests, scenario analysis

Addresses a wide range of portfolio needs, investing across asset classes, instruments, and geographies, including digital assets.

• Fixed Income
• Foreign Exchange
• Commodities
• Equities
• Digital Assets
• Credit