Macro hedge funds were among the small handful of strategies that made money in what was the worst year on record for average hedge fund returns in 2008, and a new Caymans-registered fund is being launched to tap into the macro success story.

The Arkanar Global Macro SP Fund is being offered during February for investors putting in a minimum of $10,000. The administrator is Capita International, based in
Gibraltar and the fund manager is Arkanar Financial.

The fund can be held in a managed account via Saxo Bank, the Danish-headquartered financial services group.

Last year, macro funds on average delivered returns of 17.7 per cent, according to data from Hedge Fund Research, contrasting with an average loss of 18.4 per cent for all hedge fund types. Only short-biased hedge funds did better than macro funds last year, clocking up a return of 28.62 per cent.

Macro funds, which make directional bets on equity, debt, currency and other markets, typically via the use of derivatives, can make money when there is a clearly discernible market trend.

Arkanar was founded in March last year as a result of a management buyout.