Among big-name funds, only a handful have shone, however, almost all thanks to a more bearish outlook on the global economy.
The $1.7bn Autonomy Capital saw its global macro flagship fund, which aims to make money by trading on global economic trends and events, return 0.71 per cent in August, bringing its year-to-date return to 21.3 per cent.
The $700m Conquest macro fund, meanwhile, returned 10.96 per cent in August, bringing its year-to-date return to 23.32 per cent, according to an investor in the fund.
In contrast, many of the industry’s largest and most prominent global macro players have struggled.
Brevan Howard, the $28bn hedge fund manager founded by Alan Howard, was flat through August, bringing its year-to-date loss to just under 1 per cent.
Large managers have been particularly careful of directional trades in foreign exchange and bond markets that have seen violent price movements in recent months.