Macro Hedge Fund Atreaus to Shut After Raising $2 Billion
(Bloomberg) -- Macro hedge fund Atreaus Capital is calling it quits, becoming the latest firm to succumb after years of poor performance.
The hedge fund will shut its New York and London offices and stop trading in its main money pool, according to an investor letter seen by Bloomberg. The Atreaus Master Fund, which bet on macroeconomic events and commodities and reached $2 billion at its peak, fell 4.5 percent through November 2018, heading for its third straight year of declines, a separate investor update shows.
“There’s more than a little irony in making the decision to close down as we actually feel that the environment for what we do is as good as it has been for some time,” founder and Chief Investment Officer Todd Edgar said in the letter. “Closing a fund does not equal death (although it may feel a little like that sometimes).”
A slew of hedge funds, including John Labanowski’s Brenham Capital Management and Peter Brewer’s Cumulus, shuttered last year as market turmoil and geopolitical risk befuddled managers. Closures outnumbered launches in 2018 for the third year in a row, according to Eurekahedge.
Atreaus, which had received an investment from Goldman Sachs Asset Management, struggled even as other macro funds flourished. Macro investing was the best performing strategy last year, according to Hedge Fund Research.
Edgar started Atreaus in 2012 after previously working at Barclays Capital. A spokesman for the New York-based firm declined to comment.
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