Question on Global Macro
I know most Global Macro HFs employ a top-down analysis and trade based on the macrofundamental environment.
However, I was wondering if anyone knew to what extent any global macro's utilize a bottom-up approach to anything they do in regards to the stock market. Do traders or PMs have any knowledge of accounting? Do they ever look at the F/S to decide whether or not to trade a stock?
If not, do they just buy sell-side research??
most big macro funds have groups that trade single-name equities using a bottom-up, company-by-company approach alongside the more "classic macro" trades which are usually equity indices.
Yes, some macro funds definitely buy individual stocks. From what I have seen, they usually focus on large / mega-cap stocks that are closely tied to their macro themes (i.e.if they like oil, they buy Exxon as well as oil commodities, sector ETFs, etc.) A friend of mine is at a macro shop that doesn't trade equities, but they still perform f/s analyses for research ideas.
Some of the major fund firms that make equity bets include: Soros Fund, Brevan Howard, Balestra Capital (limited). Here is some more info on them and other Global Macro players: http://www.hedgetracker.com/directory/Global-Macro
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