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PwC Survey: Strategic and Emerging issues in South African Insurance, June 2012, Fifth Edition
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From The Glossary »

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Global Macro Fund:

Global Macro Funds base their trades on macroeconomic or top-down analysis. Their managers exploit macroeconomic moves such as direction of market prices of currencies, commodities, equities or interest rates through excessive derivative usage and the moderate use of leverage. Normally the securities are global, highly liquid, commoditized products (i. Global Macro funds tend to be the largest hedge funds by capital and can be directional or non-directional ...
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