Database/Blackcairn Global Macro
HedgeF011 · Vintage 2017Open

Blackcairn Global Macro

Blackcairn Asset Management

Discretionary global macro trading rates, FX, and commodities with a top-down thematic overlay. Run by ex-central bank PM.

Global MacroDiscretionary MacroGlobalArticle 6
Performance · since fund launch

Cumulative net return

19.1%
since inception · +4.6pp vs benchmark
-10%0%10%20%30%2020 Q12020 Q32021 Q12021 Q32022 Q12022 Q32023 Q12023 Q32023 Q4
QuarterQuarterly returnSharpevs bench (pp)
2022 Q1-8.0%1.38-9.18
2022 Q2-5.2%1.61-6.25
2022 Q3-5.1%1.40-6.52
2022 Q4-5.6%1.36-7.05
2023 Q1+4.1%1.40+3.40
2023 Q2+1.6%1.31+1.08
2023 Q3+3.7%1.21+3.03
2023 Q4+6.6%1.41+5.62

Terms

Target fund size£3.5bn
Current AUM£2.4bn
Min ticket£5m
Max ticket£250m
Target net IRR10–14%
Lock-up1 year
Management fee1.50%
Carry / performance20%
BenchmarkHFRI Macro Index
ESG / SFDRArticle 6
Liquidity

Monthly liquidity with 30-day notice. 1-year soft lock with 2% early redemption fee.

Investment highlights

  • Positive in every calendar year since inception
  • Sharpe consistently > 1.3

Top 5 holdings

Largest positions · % of fund · simulated
  • Highgate Realty13.1%
  • Beacon Telecom9.8%
  • Pinnacle Retail8.9%
  • Atlas Industries7.6%
  • Crestline Auto5.2%