Best Discretionary Global Macro Fund-of-Hedge-Funds
Non-sponsored, Expert Verified and Transparently Ranked Discretionary Global Macro Fund-of-Hedge-Funds
Published: December 21, 2025 | Verified by: Ted Scheiman & Rob Watts
Executive Summary
We analyzed 4 solutions. Top Recommendation: Crescat Global Macro Fund by Crescat Capital scored highest due to Top-ranked performance among discretionary global macro funds in Preqin and eVestment databases, with strong results across market cycles..
Content Verification
Side-by-Side Comparison
| Feature | #1 Crescat Global Macro Fund (Crescat Capital) | #2 Asset Management Services for Institutional Investors (Bridgewater Associates) | #3 Fund of Hedge Funds (Stenham Asset Management) | #4 Alternative Investment Management Platform (Brevan Howard) |
|---|---|---|---|---|
| Best For | Top-ranked performance among discretionary global macro funds in Preqin and eVestment databases, with strong results across market cycles. | Pioneering risk parity and systematic macro insights from the world's largest hedge fund, with proven performance in diverse economic regimes. | Specialized fund-of-funds approach offering curated access to elite global macro managers, emphasizing discretion and global diversification. | One of the largest dedicated macro platforms with a team of elite traders delivering consistent performance in volatile macro conditions. |
| Manager Expertise | Led by CIO Kevin C. Smith, CFA, portfolio manager since 1992 and creator of Crescat’s firmwide global macro process and equity valuation model. (crescat.net) Macro Strategist Otavio (Tavi) Costa has built Crescat’s macro models since 2013. (crescat.net) Firm applies proprietary value-driven macro and equity models across assets in its flagship Global Macro strategy. (crescat.net) | Managed by three Co‑CIOs: Greg Jensen (Managing CIO for the Alpha Engine and AIA Labs; at Bridgewater since 1996), Bob Prince (Managing CIO for Total Portfolio Strategies; with Bridgewater since 1986), and Karen Karniol‑Tambour (oversees research systemization, co‑leads sustainable investing; joined 2006). Founder Ray Dalio serves as CIO Mentor. (bridgewater.com) | 30+ years’ FoHF pedigree (first multi-strategy FoHF in 1992; macro since 1993). (stenhamassetmanagement.com) Core strengths in manager research and portfolio construction, with preferential access to top-tier global macro managers. (stenhamassetmanagement.com) Led by Co‑CIO Akshay Krishnan, who oversees research across discretionary/systematic macro and commodities and leads key portfolios. (stenhamassetmanagement.com) | Founded in 2002, Brevan Howard specializes in global macro and digital assets, employing 145+ portfolio managers and 1, 050+ staff across nine hubs. Expertise centers on three pillars, macro thinking, trade structuring, and risk management, applied across directional, relative value, and derivative strategies for institutional clients. (brevanhoward.com) |
| Performance Track Record | Audited 20-year record. Annualized net return since inception (Jan 2006): 11.0% through Sep 30, 2025; 1-year: 64.2% (Sep 2025 est). (crescat.net) Ranked #1 for net annualized returns and downside capture versus discretionary global macro peers in eVestment (as of Nov 30, 2025). (crescat.net) | Pure Alpha (18% vol) returned 11.3% in 2024; +8.2% in Jan 2025; +17% H1 2025; ~26% YTD through Sep 2025. All Weather rose 8% H1 2025 and ~15.3% YTD through Sep 2025. (reuters.com) | Track record since 1992. As of September 30, 2025, FoHF portfolios were up 5, 7% YTD with minimal correlation to broader markets. The firm also presents composite returns from November 1993 to December 2024 net of a 1% management fee on its site. (stenhamassetmanagement.com) | Flagship Master Fund: +20% (2022); loss in 2023; about −2% YTD by April 2024; −1.4% YTD after August 2025. (ft.com) Alpha Strategies: +4.32% YTD by May 2025; ~+6% YTD by August 2025. (reuters.com) |
| Risk Management Approach | Prudent, theme‑driven risk management: diversify across independent, non‑correlated macro themes; size positions by conviction, security volatility, correlations, and contribution to theme and overall portfolio risk; embrace volatility to buy low/short high; manage exposures dynamically via long/short, cross‑asset positioning across equities, commodities, currencies, and fixed income. (crescat.net) | Systematic, diversification-driven risk parity: balances exposures to growth and inflation (All Weather) and separates uncorrelated alpha (Pure Alpha) from strategic beta across global liquid markets. Portfolios are engineered and stress-tested over ~100 years and many countries for resilience; complemented by enterprise risk management oversight. (bridgewater.com) | Multi‑manager, multi‑strategy diversification targeting low beta/limited drawdowns, underpinned by rigorous manager research and portfolio construction. (stenhamassetmanagement.com) Tail‑risk hedging via long volatility and short credit for crisis protection. (stenhamassetmanagement.com) Strict liquidity matching with underlying funds, historically no gating (incl. 2008). (banking-gateway.com) Portfolios aim for consistent returns across market environments. (stenhamassetmanagement.com) | Independent, embedded risk management: each portfolio manager has a bespoke risk mandate and a designated risk manager; risk is integral to portfolio construction. Framework blends quantitative and qualitative oversight with a proprietary, continually updated bank of stress tests and scenario analyses to assess tail risks and protect capital. (brevanhoward.com) |
Crescat CapitalCompany Information
Description
Crescat Capital is a multi-disciplinary asset management firm focused on global macro investing, with a mission to grow and protect wealth by capitalizing on the most compelling macro themes. They engage in activist investments to explore and create new economic metal deposits while aiming for high absolute and risk-adjusted returns with low correlation to common benchmarks.
What They Do
Asset Management and Investment Strategies
Who They Serve
Investors seeking high returns with low correlation to traditional benchmarks
Key Value Propositions
Target Customers
Industries Served
Contact Information
Summary
A discretionary global macro hedge fund that invests across asset classes to capitalize on macroeconomic trends and market downturns. It targets sophisticated investors seeking returns uncorrelated with equities, with a 20-year track record as of 2026. The fund has ranked among top performers YTD through 2025.
Key Features
- Cross-asset strategy: equities, commodities, currencies, fixed income
- Ability to invest both long and short
- Monthly liquidity with partial lock-up
- High water mark for performance fees
- Professional administration, custody, and auditing
Key Benefits
- 20-year audited, category-leading annualized net return since 2006
- Low correlation to traditional benchmarks (S&P 500, HFRX Global Hedge Fund Index)
- Active, high-conviction positioning around forward-looking macro themes
- Strong performance in bear markets with negative downside capture
- Global opportunity set: long and short across geographies, sectors, and asset classes
Who Is It For
- Accredited investors
- Institutional investors
- Investors seeking diversification from traditional benchmarks
- Investors looking for active, high-conviction macro strategies
- Those seeking capital growth and protection across market cycles
Active Global Macro Investing to Navigate Changing Economic Regimes
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.
Why Choose Crescat’s Global Macro Hedge Fund?
- 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.
Why Invest Now?
- 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.
Fund Overview
- 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
Annualized Net Returns (as of 9/30/2025 Estimates)
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.
Important Disclosures
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.
Resources
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Detailed Comparison
Manager Expertise
Performance Track Record
Risk Management Approach
Asset Management Services for Institutional Investors
Bridgewater AssociatesCompany Information
Description
Bridgewater Associates is focused on delivering unique insight and partnership for the most sophisticated global institutional investors, using cutting edge technology to validate and execute timeless investment principles.
What They Do
Bridgewater offers asset management services with a focus on investment strategy and market understanding.
Who They Serve
Global institutional investors.
Key Value Propositions
Target Customers
Industries Served
Key Pages
Summary
A leading discretionary global macro fund employing top-down macroeconomic analysis across asset classes including rates, currencies, and commodities. It serves institutions and high-net-worth investors aiming for absolute returns in volatile environments.
Key Features
- Investment process driven by deep understanding of global markets and economies
- Use of cutting edge technology for investment validation and execution
- Culture of openness, transparency, and inclusion
- Research and insights provided to clients and policymakers
Key Benefits
- Access to unique market insights and research
- Partnership with a leading global asset manager
- Investment strategies based on validated, timeless principles
- Expertise in navigating complex macroeconomic environments
Who Is It For
- Sophisticated global institutional investors
- Private investment funds
- Institutional clients
What We Do
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.
Disclaimer & Agreement
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.
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Supporting Resources
Detailed Comparison
Manager Expertise
Performance Track Record
Risk Management Approach
Fund of Hedge Funds
Stenham Asset ManagementCompany Information
Description
Stenham Asset Management is an alternative investment manager that provides discretionary investment management services, offering solutions such as fund of hedge funds portfolios, bespoke portfolios, private credit, co-investments and direct equity, and stating a multi-decade track record across market cycles.
What They Do
Stenham Asset Management positions itself as an alternative investment manager providing discretionary investment management services, with solution lines including fund of hedge funds, bespoke portfolios, private credit, co-investments and direct equity.
Who They Serve
The firm states it manages assets for a professional/sophisticated client base including pension funds, sovereign wealth funds, endowments, asset managers, charities, family offices and high net worth individuals.
Key Value Propositions
Target Customers
Industries Served
Contact Information
Social Media
Key Pages
Summary
A fund-of-hedge-funds strategy focused on discretionary global macro managers, providing diversified exposure to top-tier hedge funds investing in currencies, commodities, fixed income, and equities. Designed for institutional investors seeking alpha through macro opportunities with risk management.
Key Features
- Multi-strategy hedge fund allocation
- Global macro hedge fund allocation
- Strategy sleeves spanning multiple hedge fund styles (as presented on the solution page)
- Quarterly investment memo / review materials available via Insights
Key Benefits
- Diversification across hedge fund strategies and managers
- Aim for consistent returns across market environments
- Global macro sleeve intended to outperform in more volatile environments
- Access to specialist managers and strategy sleeves in a packaged portfolio
Who Is It For
- Institutional investors seeking diversified hedge fund exposure
- Family offices and high net worth investors using hedge funds for diversification
- Allocators looking for multi-manager implementation across hedge fund strategies
- Investors seeking macro/uncorrelated sleeves to perform in volatile environments
Multi-strategy
Portfolio allocation across hedge fund strategies with the goal of consistent returns across market environments.
Global Macro
Allocation intended to generate consistent returns and outperform in more volatile environments.
Resources
Detailed Comparison
Manager Expertise
Performance Track Record
Risk Management Approach
Alternative Investment Management Platform
Brevan HowardCompany Information
Description
Founded in 2002, Brevan Howard specializes in global macro and digital assets, offering a wide range of dynamic investment products and exceptional quality through a rigorous institutional framework.
What They Do
Investment management focusing on global macro and digital assets
Who They Serve
Institutional and individual investors worldwide
Key Value Propositions
Target Customers
Industries Served
Contact Information
Social Media
Key Pages
Summary
A multi-strategy discretionary global macro fund-of-hedge-funds platform with allocations to macro, relative value, and quant strategies across FX, rates, and credit. Provides institutional investors with flexible exposure to macro-driven opportunities worldwide.
Key Features
- Global macro and digital asset specialization
- Multi-portfolio manager and single-portfolio manager strategies
- Thematic co-investment opportunities
- Directional, relative value, and derivative trading strategies
- Proprietary stress testing and scenario analysis tools
- Collaborative culture fostering original and contrarian thought
- Heavy investment in technology and ongoing development
Key Benefits
- Outstanding investment returns in every macroeconomic environment
- Access to a deep and diverse talent pool
- Best-in-class technology and infrastructure
- Diversified investment products for a wide range of portfolio needs
- Rigorous risk management and stress testing
- Expertise in macro analysis and trade structuring
Who Is It For
- Institutional investors
- Sovereign wealth funds
- Corporate and public pension plans
- Foundations
- Endowments
INTRODUCTION
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
Hallmarks of Brevan Howard
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
INVESTMENT APPROACH
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
INVESTMENT STRATEGIES
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
Resources
Detailed Comparison
Manager Expertise
Performance Track Record
Risk Management Approach
Our Ranking Methodology
How we rank these offerings
We ranked these Discretionary Global Macro Fund-of-Hedge-Funds based on three key factors: Performance Track Record (40% weight), Manager Expertise (35% weight), and Risk Management Approach (25% weight). Crescat Global Macro Fund scored highest because it has a leading performance track record with a net annualized return of 11.0% since inception, top-notch management team with proprietary models, and theme-driven risk management tactics that embrace market volatility and capture macroeconomic opportunities.
Ranking Criteria Weights:
Frequently Asked Questions
- What are the typical costs and pricing models in the discretionary global macro fund-of-hedge-funds space?
- Typically, fees in this space include management fees ranging from 1-2% of assets under management and performance fees around 20% of profits. For instance, Crescat Global Macro Fund is known for competitive fee structures that align managers' interests with investors' performance. Additionally, fund-of-hedge-funds strategies often charge an extra layer of fees but provide diversified exposure which justifies the cost for institutional investors seeking varied global macro opportunities.
- What are the key selection criteria when investing in a discretionary global macro fund-of-hedge-funds?
- Key criteria include evaluating the track record and consistency of performance, as seen with the Crescat Global Macro Fund's 20-year successful history. Institutional investors also look for the fund's ability to offer diversified risk exposure across asset classes like currencies and commodities, provided by platforms like the Alternative Investment Management Platform. Furthermore, expertise in top-down macroeconomic analysis and strategic flexibility are critical factors.
- What are the industry standards and compliance requirements for discretionary global macro funds?
- Funds such as the Macro Fund adhere to strict regulatory compliance standards, often dictated by regional financial authorities. These standards include regular financial disclosures, adherence to anti-money laundering laws, and ensuring fiduciary duties are met towards investors. Additionally, funds must comply with global standards for transparency and reporting, especially crucial for institutional investors extracting reports on diversified allocations.
- What are common implementation challenges and their solutions in discretionary global macro fund-of-hedge-funds?
- Challenges include complexity in managing diverse macro strategies and heightened regulatory requirements. Solutions involve using technology-driven platforms like the Alternative Investment Management Platform, which integrates multi-strategy approaches for efficient monitoring and execution. Additionally, robust risk management systems are in place to navigate market volatility and geopolitical uncertainties, ensuring alignment with investor expectations.
- How do discretionary global macro fund-of-hedge-funds deliver ROI and value?
- These funds target absolute returns through diversified investments in asset classes such as rates, currencies, and commodities, as demonstrated by Asset Management Services for Institutional Investors. With high-conviction trades, for instance from the Macro Fund, they aim to capitalize on geopolitical shifts and macroeconomic trends. This strategic approach helps navigate volatile environments while providing uncorrelated returns, appealing to institutional investors seeking consistent value delivery.
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