Pharo Macro Bet on Greek, Spanish and Italian Debt Turns Sour

All the volatility and market turmoil shook the returns of Pharo Macro Fund, down 2.1% in last month. The global macro hedge fund strategy is up 7.6% for the year. Last month the fund was up 2.3% with gains from shorts in U.S. treasuries and longs in Greek government bonds.

Like all other macro hedge funds, Pharo Macro has short term investors to blame for its losses in the past month. Pharo Macro has kept up an uneven stream of returns throughout the year so far,...